Trump: Kevin Warsh Wants to Cut Borrowing Costs

Former U.S. President Donald Trump stated on January 30, 2026, that it would be ‘inappropriate’ to ask his Federal Reserve (Fed) nominee, Kevin Warsh, to lower interest rates. However, he expressed optimism that Warsh is inclined toward reducing borrowing costs. Trump announced Warsh’s nomination for Fed Chair via a Truth Social post. Warsh is a distinguished visiting fellow in economics at the Hoover Institution and a lecturer at Stanford Graduate School of Business. Speaking to reporters from the Oval Office, Trump said, ‘He certainly wants to cut rates — I’ve seen that for some time.’ Trump also voiced confidence in the confirmation process, noting, ‘We’ll have to wait until Tillis is no longer there, if he blocks the vote.’ Earlier, Republican Senator Thom Tillis said he would oppose Warsh’s nomination until questions surrounding the federal investigation into current Fed Chair Jerome Powell are resolved. If Tillis follows through, the Senate Banking Committee may decline to advance Warsh’s nomination, according to CNBC. Democratic Senator Elizabeth Warren criticized the pick, stating that ‘no Republican who cares about Fed independence should support this nomination.’