Fed Interest Rates Get a New Steward as Warsh Takes the Oath
Kevin Warsh was sworn in as Fed chairman on May 22, 2026, and chosen FOMC chair the same day, a week after Governor Stephen Miran submitted his resignation.
The news: The person steering Fed interest rates changed on Friday, May 22, 2026. Kevin Warsh took the oath of office as chairman and as a member of the Federal Reserve Board, and the Federal Open Market Committee unanimously selected him as its chairman the same day, according to a Fed press release.
By the numbers:
- May 22, 2026 to May 21, 2030: Warsh’s four-year term as chairman
- January 31, 2040: end of his term as a Board member
- March 4, 2026: nominated by President Donald J. Trump
- May 12 and May 13, 2026: Senate confirmation as Board member, then as chairman
Why it matters: The chair sets the agenda for the FOMC, leads the post-meeting press conference and shapes how the Fed explains its decisions. A new chair arriving weeks before the June meeting, with its fresh economic projections, means the first statement and dot plot under new leadership will be read for any change in tone as well as in substance.
The big picture: Warsh’s arrival came alongside other changes at the Board. On May 14, the Fed announced that Governor Stephen I. Miran had submitted his resignation, effective when or shortly before his successor is sworn in. Miran had served since September 16, 2025, filling an unexpired term that ran to January 31, 2026. Before joining the Board, he chaired the Council of Economic Advisers and had worked at Hudson Bay Capital Management, the Manhattan Institute and the Treasury Department. At the April FOMC meeting, Miran had been the lone vote for a rate cut. His departure removes the Committee’s most consistent voice for easing at a time when inflation was described as elevated. The May 22 release did not say who administered the oath or whether Warsh’s seat is the one Miran had held.
What’s next: The June 16-17 FOMC meeting is the first test. Watch whether the statement keeps the easing tilt that drew three dissents in April, whether the dot plot shifts the rate outlook higher, and whether the new chair signals changes to the Fed’s communication practices. Changes in Board membership also alter the voting balance on the Committee, so the roster at the June meeting is worth checking.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.
