Trump's Fed chair pick Kevin Warsh confirmed by US Senate

Trump's Fed chair pick Kevin Warsh confirmed by US Senate Just nowShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterBloomberg via Getty ImagesKevin Warsh has previously worked at the Federal Reserve and on Wall StreetDonald Trump's Federal Reserve chair has been confirmed by the US Senate in a vote that fell largely along party lines. Kevin Warsh won confirmation on Wednesday with 54 votes in favour and 45 against. He will succeed Jerome Powell, whose tenure featured multiple clashes with the US president over interest rates. His term ends on Friday. Warsh's confirmation was the narrowest margin for the Senate approval of a Fed chair since the process was implemented in 1977.Only one Democrat, Pennsylvania Senator John Fetterman, voted in favour to confirm Warsh.US inflation jumps to 3.8% as energy costs surge from Iran warFrom Epstein to sock puppets: Key takeaways from Kevin Warsh's Fed confirmation hearingTrump nominates Federal Reserve critic Kevin Warsh to run US central bankWarsh is facing a difficult balancing act when he steps into the role, with President Trump having made clear he expects his pick to lower the Fed's interest rate at a time when the US-Israel war in Iran is driving up the cost of living.Usually, the central bank would seek to hold or raise interest rates when inflation is on the rise, to keep a lid on price increases. Indeed, following Tuesday's inflation figures, which showed prices rising at 3.8% annually in April, the fastest rate since May 2023, most economists now expect rates to be held until next year - with some even warning of a rise.The rise in inflation has been driven largely by surging energy costs facing consumers, with the closure of the Strait of Hormuz having caused oil prices to spike.But it also showed food, housing and airfare costs are on the rise.Warsh will be under pressure from Trump to cut rates, which the president hopes will help the US economy. And he will be up agai...