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Simon Bowmaker, Distinguished Clinical Professor of Economics, New York University

Trump Fed pick Kevin Warsh could shake up the central bank with his ‘family fight’ model

Kevin Warsh Donald Trump Paul Volcker US Federal Reserve Interest Rates Alan Greenspan Ben Bernanke Jerome Powell Inflation the Federal Reserve
Kevin Warsh, President Donald Trump's nominee to helm the Fed, is expected to change the way the central bank operates. AP Photo/Alastair Grant

Since President Donald Trump named Kevin Warsh as his choice for Federal Reserve chair on Jan. 30, 2026, financial markets have focused on one question: Is he still the inflation hawk he once was, or is he now more comfortable with the lower interest rates that the president has long demanded?

We have a different take. Drawing on decades of research on central banking and an extended interview with Warsh conducted by one of us (Bowmaker) in 2023 for a forthcoming book on the Fed, we think the real change would be not in interest rates but in how the Fed communicates.

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