Gate News message, April 21 — Kevin Warsh, President Trump’s nominee for the next Federal Reserve chair, made significant remarks ahead of his Senate Banking Committee confirmation hearing on April 21. In testimony released on April 20, Warsh emphasized that the Fed’s monetary policy independence is largely in its own hands.
Warsh outlined three key points on Fed independence. First, Congress has mandated the Fed to ensure price stability, and inflation is a choice for which the Fed must take responsibility. Second, while the Fed has the highest degree of independence in monetary policy operations, this independence does not extend to all functions authorized by Congress, such as managing public funds and banking supervision. Third, the Fed must stay within its mandate; venturing into fiscal and social policy areas where it lacks authority or expertise poses the greatest risk to independence. Warsh stated the Fed should not serve as an all-purpose government agency.
Warsh also noted that elected officials, including the President, Congress members, and senators, can express views on interest rates without substantially threatening Fed independence. His background includes roles at Morgan Stanley and the Bush administration, serving as the youngest Fed governor from 2006 to 2011. Current Fed Chair Jerome Powell’s term ends May 15; if confirmed, Warsh would assume the position on schedule. The hearing also addresses Trump’s previous expectations for rate cuts and Warsh’s disclosed assets exceeding $100 million, though he declined to disclose specific investment holdings citing confidentiality agreements.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Precious Metals Decline While Oil Surges; BTC and ETH Volatility Indices Rise
Gate News message, April 21 — Gold prices fell to $4,770.90 per troy ounce with a daily decline of 1.03%, while silver dropped to $78.333 per troy ounce, down 1.71% for the day. Bitcoin volatility index (BVIX) rose to 44.23, up 1.12%, and Ethereum volatility index (EVIX) climbed to 68.40, gaining 1.
GateNews27m ago
Trump Says U.S. Should Always Maintain Lowest Global Interest Rates
Gate News message, April 21 — U.S. President Donald Trump stated that "the United States should always maintain the lowest global interest rates." Trump noted that interest rate adjustments have played a role in addressing inflation concerns.
GateNews48m ago
Fed Chair Nominee Kevin Warsh Defends Trump's Interest Rate Comments, Advocates for Fed Independence
Warsh argues for Fed independence while tolerating political discussion of rates; warns against climate/social-policy overreach and notes his tech ties could favor a tech-influenced policy shift.
Abstract: The article reports Kevin Warsh's Senate testimony after his nomination to chair the Federal Reserve, defending operational independence while allowing elected officials to voice views on rates. He emphasizes inflation as the primary objective and critiques Fed incursions into climate change and social policy. It also notes Warsh's Silicon Valley connections and wealth, suggesting a tech-forward perspective could influence future monetary policy as technology reshapes costs and policy considerations.
GateNews1h ago
Bank of Japan Flags Offshore Hedge Fund Deleveraging as Risk to Bond Market
Gate News message, April 21 — The Bank of Japan warned in its semi-annual Financial System Report that offshore hedge funds are gaining influence in Japan's bond market, flagging the risk that global deleveraging by foreign hedge funds could transmit shocks to the market through reduced liquidity an
GateNews4h ago
Fitch Downgrades Philippines Credit Outlook to Negative, Signaling Risk of Rating Cut
Gate News message, April 21 — Fitch Ratings downgraded the Philippines' credit outlook to negative from stable on Monday, April 20, while affirming its "BBB" credit rating. The negative outlook places the rating at risk of a cut within the next 18 to 24 months.
Fitch cited two main drivers for the
GateNews5h ago
Bank of Japan Likely to Hold Rates at April 28 Meeting, But Maintains Hawkish Stance
Summary: BoJ is likely to hold at 0.75% on April 28 while signaling future rate hikes if conditions permit; June action remains possible, with some officials leaning toward a near-term move amid inflation risks from geopolitical shocks and a higher forecast.
Abstract: The Bank of Japan is expected to keep its policy rate at 0.75% at the April 28 meeting, signaling eventual hikes as conditions permit; discussion centers on timing and a potential June move, in light of geopolitical tensions and an updated inflation outlook.
GateNews6h ago
