Kevin Warsh says he will lead a 'reform-oriented' Federal Reserve

New Federal Reserve Chair Kevin Warsh said Friday that he will pursue a "reform-oriented" agenda under his leadership.

Warsh took office this Friday (22) as Fed chair, succeeding Jerome Powell.

"I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, breaking away from static structures and models, and maintaining clear standards of integrity and performance," Warsh said during the ceremony.

Selected by US President Donald Trump in January, when expectations pointed to stabilizing growth and lower inflation, Warsh now takes command of an economy that is undergoing changes due to the impact of the US-Israeli war on Iran. The oil shock has sharply raised gasoline prices, mortgage rates have reached their highest level in nine months and overall inflation has soared to the highest level in three years.

Trump stressed this Friday (22) that he wants Warsh to be "totally independent".

"Don't look at me, don't look at anyone, just do your job and do a great job," Trump said.

The Republican has already repeatedly criticized Powell for not reducing interest rates, and even threatened to fire him.

Kevin Warsh needs to build credibility, says expert | MORNING CALL

Source: CNN