Federal Reserve Chair Kevin Warsh’s talks with Trump raise independence concerns

Reports from The Wall Street Journal and Bloomberg reveal that Trump has been in frequent phone contact with Federal Reserve Chair Kevin Warsh since Warsh took office on May 22, 2026. The conversations have covered topics ranging from the economic fallout of the Iran conflict to developments in artificial intelligence, painting a picture of a president who treats the Fed chair less like an independent steward of monetary policy and more like a member of his economic advisory team. The calls reportedly arrive in bursts, clustering around specific policy concerns or economic developments. Trump himself seemed aware of the optics when Warsh was sworn in as the 17th Fed chair. During the ceremony, the president emphasized Warsh’s “total independence.” Trump nominated Warsh on March 4, 2026, after years of publicly clashing with former chair Jerome Powell over interest rate decisions. Trump had repeatedly called for lower rates during Powell’s tenure and once claimed he should be considered a “smart voice” in rate-setting discussions. The nomination of Warsh, a former Fed governor with deep ties to Republican economic circles, was widely interpreted as Trump installing someone more rece...