Trump calls Fed Chair Warsh, raising independence concerns

President Donald Trump has maintained frequent, informal phone calls with Federal Reserve Chair Kevin Warsh since Warsh was sworn in on May 22, 2026, a pattern of contact that departs from recent precedent and has drawn scrutiny over the central bank's independence. While sources familiar with the conversations say the president has not raised the topic of interest rates directly since Warsh's confirmation, the regular communication about the broader economy has raised questions about the traditional separation between the White House and monetary policy.

Warsh, a former Fed governor appointed by Trump to replace Jerome Powell, has held the benchmark interest rate steady at a range of 3.5% to 3.75% during the Fed's June and July meetings. That decision drew three dissenting votes from regional Fed presidents who preferred a rate increase. During his post-meeting press conferences, Warsh has offered limited forward guidance, a marked shift from his predecessor's communication style. He has stated the Federal Open Market Committee is focused on driving down inflation but has declined to outline specific triggers for future policy moves, a stance that has left some market...