The Brilliant Pick

President Donald Trump has publicly backed Federal Reserve Chair Kevin Warsh, whom he appointed to succeed Jerome Powell earlier this year. Trump has repeatedly called for substantial interest-rate cuts, arguing that borrowing costs should be significantly lower.

Under Warsh, however, the Federal Reserve has so far kept its benchmark interest rate unchanged at 3.50–3.75%. Following the Fed’s latest meeting, Warsh indicated that persistent inflation remained a concern and that future policy decisions would continue to depend on economic data. Several policymakers favored tighter monetary policy.

Despite the continuing disagreement over interest rates, Trump defended Warsh as a “brilliant guy,” while directing his criticism toward other members of the Federal Reserve’s policymaking board.