Name: Trump Names His Fed Chairman
Uploaded: 2026-02-01T16:57:00Z
Duration: 5 min 32 s
Description: Journal Editorial Report: Kevin Warsh is the right man for a tough job.

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Journal Editorial Report: Kevin Warsh is the right man for a tough job. Photo: David Paul Morris/Bloomberg News

https://m.wsj.net/video/20260201/2d5a4527-bc72-49f3-ba24-0f24089c3698/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: Kevin Warsh is the right man for a tough job.

Trump Names His Fed Chairman

The Fed rate's too high, unacceptably high. We should have the lowest interest rate anywhere in the world. They should be two points and even three points lower.

As President Trump had his cabinet meeting Thursday, calling for interest rates to be lowered by two or three percentage points. So will Kevin Warsh stand up to the political pressure that he's certain to face? Let's ask our panel, longtime "Wall Street Journal" editor and columnist Dan Henninger, and columnists Kim Strassel and Jason Riley. So Dan, start off, what do you think of the Warsh choice for the Fed?

Well, I think it's an excellent choice, Paul. Kevin Warsh has a lot of experience. He has worked as a Fed governor. He knows the internal workings of the Fed, and more than anything, he believes in price stability. He is indeed an inflation hawk. And I think in that respect, Paul, he and Donald Trump should be on the same page because the fact is that inflation kills presidencies. It did that to Jimmy Carter. It did it to Joe Biden. And I do understand, we all do, that President Trump would like lower interest rates, but I think more than anything he would like to avoid the price level going up, and Warsh is not going to allow that. So there, he knows there may be some room to reduce interest rates, but I think by and large Kevin Warsh will be focused laser-like on price stability. I might add one more thing, Paul. We've talked about how the Fed has this dual mandate: price stability and full employment. We're going through a very complex period with employment and artificial intelligence, and I think Kevin Warsh is probably going to downplay the idea of employment, which has become extremely complex in this economy, and focus more on monetary policy alone and price stability.

Kim, why don't you break down a little bit or dig into the politics of this from the president's mind, you know the president and how he thinks. You know, Kevin Warsh among all the finalists was probably the most hawkish on inflation. And yet the president really, you know, wants to cut rates fast and far. Why would he go with Warsh as opposed to somebody who might be more malleable?

So I think, Paul, that there's probably something to be said for Warsh's bigger mandate here. I mean, he looks to have passed Trump's test to at least be open to cutting rates. And I agree with Dan that maybe that's something he'll do in the short term, but that he is gonna put a high premium on price stability. But I think probably Trump was hearing from people who pointed out that Kevin Warsh is also very interested in broader Fed reform. He's been very critical, for instance, of the Fed's forays into politics, DEI, and climate change. He's been very critical of its quantitative easing policy. Probably Trump was also hearing from people too about Warsh's ability to deal with some of these and confront some huge new challenges the Fed is gonna have to deal with. You mentioned AI, but there is also digital currencies. I would throw in, as an aside, he's also gonna have to deal with the thorny question of how to handle all of this with Trump's tariff policy. But he was probably sold as a bigger reformer package than just the interest rate issue.

Yeah, I think that's exactly right. I know he made that case to the president. Jason, but what do you think about this issue of whether or not the Fed needs reform? If you look at the Fed's record over the last 20 years, it hasn't been great, but what do you make of Trump's or of Warsh's agenda there?

I think he's the right man for the job based on everything we know about what he said and written in the past, Paul. At the same time, I think we also know that when it comes to people who join the Trump administration, the past is not always prologue. There is a history of people whose writings we've covered, who've written for the pages of the "Wall Street Journal," get into the administration, and sometimes there's a little bit of shape-shifting going on. So we'll have to see how he stands up to the pressure. But he has sold himself as a reformer. I take him at his word. He thinks the Fed is making too many mistakes in the past when it's sort of strayed from its remit. The dual mandate, we keep talking about, stable prices, maximum unemployment, when it gets into bond buying, when it gets into fiscal policy. Warsh is someone who says, you know, fiscal policy is something that should be left to Congress and the Treasury. What I also think Warsh has going for him is that he might get some support from the Supreme Court soon in terms of the Fed's independence. There's a lawsuit that... or the Trump administration has tried to fire Chairman Powell, of course, over renovations cost overruns, and he's gone after Lisa Cook, a Fed governor, for alleged mortgage fraud. But that case is, you know... that issue is before the Supreme Court, right now, we know based on oral arguments, that they seem to think that the Federal Reserve is not just an arm of the executive branch, that it was set up to be independent, to be shielded from political pressure. And if they decide in that direction, I think that will give Warsh some confidence to stick to his guns and do the things he wants to do.