Warsh: No Rate Cuts, Fed Fights Inflation

0:00On April 21st, Kevin Worsh, President Trump's pick to chair the Federal Reserve, told Senators he never promised the White House any interest rate, cuts and would stay independent if confirmed. He stressed the Fed's job is to fight inflation, now running at 3.3% annually, no matter what. Earlier this week, Trump said in a CNBC interview, he'd be disappointed if Worsh didn't slash rates right away, even as gasoline prices climbed from the war in Iran. Worsh, a former top-fed official and big-time investor, faces pressure to balance those demands with rising costs that usually call for higher or steady rates. Democrats on the Senate Banking Committee hammered him for switching stances on rates over the years, backing Hikes under past presidents but cuts. Now, investors are glued to the hearing, knowing Fed moves had everything from mortgages to business loans. The drama thickens with Jerome Powell, whose chair term ends May 15th, but plans to stick around

1:01on the Fed board until January 20th, 28th, unless an investigation drops. Trump wants him out, but courts have blocked similar moves before, leaving Worsh's nomination in limbo as some Republicans hold out. This mess could rattle markets and slow hiring if the handoff gets bumpy, testing the Fed's smooth history of leadership changes. Stay in form with U.S. News today, AI-powered updates.