The Wall Street veteran takes over from Jerome Powell at a challenging moment, with rising inflation complicating interest rate decisions.

By Jonathan Small | edited by Brittany Robins | May 13, 2026

Kevin Warsh vowed to embark on “regime change” at the Federal Reserve — and now he’ll get his chance. The Senate confirmed Warsh as the next Fed chair today in a 54-45 vote, with the Wall Street veteran set to replace Jerome Powell on May 15, according to The New York Times .

Warsh inherits a challenging economic landscape. Rising energy prices from the Iran conflict have pushed inflation sharply higher, weakening the case for interest rate cuts that seemed likely earlier this year.…