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US President Donald Trump has periodically spoken by phone with Federal Reserve Chair Kevin Warsh since he took the role, people familiar with the matter said, the latest sign of Trump\u2019s effort to exert greater influence over the central bank.<\/p>\n
Trump and Warsh have spoken multiple times since the latter was confirmed in May, with Trump inquiring about Warsh\u2019s forecasts and opinions but not pushing him to take any specific course of action, one of the people said, speaking on condition of anonymity to discuss the private conversations. One person said they speak irregularly, and another said their calls are infrequent. It\u2019s unclear if the two have discussed monetary policy.<\/p>\n
\u201cPresident Trump has repeatedly stressed that he is giving Chairman Warsh the space he needs to restore confidence and competence in Fed decision-making,\u201d White House spokesman Kush Desai said in an emailed statement. \u201cWhile the President has his First Amendment right as an American citizen and duty as Commander in Chief to voice his thoughts about the Fed, he has also repeatedly reaffirmed Chairman Warsh and the Fed\u2019s independence.\u201d<\/p>\n
The Fed declined to comment. The calls were first reported by the Wall Street Journal.<\/p>\n
While the full nature of their conversations remains hazy, Trump has long implored the Fed to slash interest rates. Past presidents and Fed chairs have held calls and meetings, though they have been rare, and Trump\u2019s drive to influence monetary policy has amounted to the most forceful intervention in the central bank\u2019s policy making in decades.<\/p>\n
Trump routinely brushes away inflation concerns in calling for lower borrowing costs, but has taken a less combative approach since Warsh\u2019s confirmation.<\/p>\n
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In testimony to lawmakers last month, Warsh said Trump hasn\u2019t tried to interfere with the central bank but avoided directly answering questions about whether he\u2019s communicated with Trump since taking the Fed\u2019s helm.<\/p>\n
\u201cI just don\u2019t want to be in the business of sharing discussions that the president and I have,\u201d Warsh said during a Senate Banking Committee hearing, while vowing to be \u201can independent guy.\u201d<\/p>\n
\u201cI certainly don\u2019t feel uncomfortable receiving a call from the chairman of this committee or the president of the United States,\u201d Warsh said on July 15.<\/p>\n
Previous Fed chairs have issued press releases after meetings with the president. One example: in May 2025, then-Fed Chair Jerome Powell issued a release to notify the public of his meeting with Trump, in which he said he did not discuss his outlook for monetary policy. Warsh meets regularly with Treasury Secretary Scott Bessent, following a longstanding precedent of interactions between leaders of the Treasury and Fed.<\/p>\n
Trump repeatedly criticised Powell, who remains on the Fed board, over his interest-rate decisions. The administration opened a probe into Powell over a renovation project at the bank\u2019s headquarters. Trump has also sought unsuccessfully to fire Governor Lisa Cook and is said to be weighing similar moves against Governor Michael Barr.<\/p>\n
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The president\u2019s public treatment of Warsh has been different. During his swearing-in ceremony, Trump said he wants the Fed chair \u201cto be totally independent.\u201d<\/p>\n
\u201cDon\u2019t look at me, don\u2019t look at anybody, just do your own thing and do a great job,\u201d Trump said at the ceremony.<\/p>\n
Trump repeatedly chastised Powell for being \u201ctoo late\u201d to lower rates. But after Warsh held them steady, the president didn\u2019t blame the chair and instead said the outcome was due to a board he accused of being \u201cvery political.\u201d<\/p>\n
The president\u2019s cumulative pressure campaign has continued to blur the line between the central bank and the administration, potentially clouding its independence. It also adds another factor for Warsh as the Fed looks to navigate the fallout from Trump\u2019s war in Iran and the fluctuations in energy prices, as well as Trump\u2019s shifting tariff regime, lingering inflation and a hefty US budget deficit.<\/p>\n
The Journal\u2019s report on the calls between Trump and Warsh said the president has sought Warsh\u2019s views on a range of issues, including the economic impact of the war in Iran and the rise of artificial intelligence. Warsh often gave Trump a positive picture of the economy, the report said, but it\u2019s unclear if they discussed monetary policy.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Trump #call #Warsh #latest #signal #push #remake #Fed<\/p>\n","protected":false},"excerpt":{"rendered":"
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