Fed nominee Walsh: Fed policy will be completely independent of Trump! I "don't know why I was chosen by Trump"

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Fed Chair nominee Kevin Warsh declared at a Senate hearing today (21st) that future monetary policy decisions will maintain absolute independence and will not be influenced by any suggestions from Trump. He stated bluntly that "Inflation is a choice," asserting that the Fed has no excuses for failure, and emphasized that "low inflation" is the strongest shield against political criticism. (Background: Fed Chair transition stalled? Powell may continue as interim Fed Chair, Warsh faces hurdles in Senate confirmation) (Background: Trump personally declares: Once Warsh takes office as Fed Chair, US dollar interest rates will be cut immediately!) The highest temple of US macroeconomic monetary policy is welcoming a new helmsman who has vowed to defend the independence of the central bank. On April 21, US time, Fed Chair nominee Kevin Warsh attended his Senate confirmation hearing. Facing skepticism about whether he would become a "rubber stamp" for US President Donald Trump's monetary policy, he provided an extremely tough and clear response. Vowing to defend central bank independence: Unaffected by Trump's pressure At the hearing, Warsh clearly stated: He will make monetary policy decisions independently and will absolutely not be influenced by any suggestions or pressure from President Trump. Interestingly, when asked why he was chosen, Warsh even admitted: "I do not know the reason why President Trump chose me." Regarding the phenomenon of politicians frequently pointing fingers at interest rate policy, Warsh demonstrated strong psychological resilience. He believes that even if government officials (including the President, Senators, or Representatives) express their own views on interest rates, the operational independence of monetary policy will not be significantly threatened. Maintaining this independence "depends in large part on the Fed itself," meaning it must never exceed the authority granted by Congress and must successfully achieve its core objectives. "Inflation is a choice, low inflation is the Fed's shield" When discussing the mission of price stability, Warsh delivered a series of punchy quotes, demonstrating his firm determination to fight inflation: "The mandate Congress gave the Fed is to ensure price stability, and there can be no excuses, ambiguity, debate, or pain. Inflation is a choice, and the Fed must take responsibility for it." He further compared the results of anti-inflation efforts to an amulet for the central bank, emphasizing that successfully maintaining low inflation levels is like wearing "protective armor" or a "shield," which allows the Fed to stand firm in political maneuvering and remain free from unreasonable external criticism and interference.

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