Kevin Warsh sworn in as Fed chair

Kevin Warsh was sworn in as chairman of the Federal Reserve on May 22, 2026, formally taking over the U.S. central bank after Senate confirmation earlier in the week. The Federal Reserve says Warsh’s four-year term as chair runs through May 21, 2030, and that he also becomes chairman of the Federal Open Market Committee, the body that sets U.S. monetary policy. Donald Trump hosted the swearing-in ceremony at the White House on Friday, and CNBC reported Supreme Court Justice Clarence Thomas administered the oath. Warsh succeeds Jerome Powell as chair, while Powell remains on the Board of Governors, according to CNBC and the Fed’s official biography page. ### When did Warsh officially start the job? (federalreserve.gov) The Federal Reserve’s website says Warsh “took office as chairman” on May 22, 2026. That date matters because it marks the formal transfer of the chairmanship, not just the Senate vote that cleared his nomination days earlier. AP reported the Senate confirmed Warsh on May 13, giving Trump’s nominee the votes needed to replace Powell at the end of Powell’s term. (cnbc.com) CNBC separately reported the confirmation margin was 54-45. ### What did Warsh say at the ceremony? Warsh said after taking the oath that the Fed’s “mandate” is “to promote price stability and maximum employment,” according to CNBC’s account of the ceremony. (federalreserve.gov) He added that when the central bank pursues those goals with “wisdom and clarity, independence and resolve,” inflation can be lower and growth stronger. (apnews.com) Trump said at the ceremony, “I want Kevin to be totally independent,” while also saying later Friday that interest rates would come down “very quickly,” CNBC reported. AP similarly said Trump emphasized independence even as the swearing-in came after his push for greater influence over the central bank. ### Why did traders focus on rate hikes right away? (cnbc.com) Bloomberg reported on May 22 that bond traders were fully pricing in an interest-rate hike by the end of this year, describing that as a sign of conviction that Warsh may need to respond to inflation pressure. CME FedWatch says its probabilities are derived from 30-Day Fed Funds futures prices, making it one of the main public gauges of market-implied rate expectations. (cnbc.com) Posts on X tied the swearing-in to a more hawkish market read, but those posts should be treated as trader reaction rather than official Fed guidance. Neither the Fed biography page nor the swearing-in reports reviewed here announced any immediate policy change on May 22. ### Did Bitcoin trade around the level cited in social posts? (bloomberg.com) CoinDesk showed Bitcoin at $75,404.50 as of May 22, 2026, 8:26 p.m. EDT. WorldCoinIndex separately showed Bitcoin at $75,494 on May 22, while the social post cited about $75,438, placing the post in the same general trading range. CoinMarketCap’s historical data showed Bitcoin closed at $77,539.17 on May 21, underscoring that intraday levels on May 22 moved below the prior day’s close. (federalreserve.gov) That price action coincided with broader market attention on Fed leadership and rate expectations, though the sources reviewed do not isolate Warsh’s swearing-in as the sole driver. (coindesk.com) ### What comes next under Warsh? The Federal Reserve says Warsh now chairs the Federal Open Market Committee, which sets the federal funds rate and issues the central bank’s policy decisions. That makes the committee’s next scheduled meeting and statement the first formal test of how markets interpret his leadership. CME FedWatch and Treasury futures markets are likely to remain the main real-time indicators of how traders are repricing the path of rates under Warsh. (coinmarketcap.com) The Fed’s own next policy statement will be the first official document issued with Warsh in the chair. (cmegroup.com) (federalreserve.gov)