Back to today’s briefing

Story perspectives

Warsh Confirmed, Gas Hits $4.56, Sentiment Hits Low

5/22/2026

36 6 Full Breakdown

Left

Warsh Confirmed

Consumer sentiment fell to a low while gasoline rose to $4.56 per gallon as the new Fed chair takes office.
Senate confirmed Kevin Warsh as Federal Reserve chair on May 13 by a 54-45 vote, with Democrat John Fetterman joining Republicans.
President Donald Trump told Warsh to act independently, as critics called him a ‘sock puppet.’
April's CPI showed 3.8% year-over-year inflation, with energy up 17.9% and gasoline at record highs.

Right

Warsh Confirmed

Kevin Warsh’s marriage to Jane Lauder ties the new Fed chair to the Estée Lauder cosmetics fortune.
The Senate confirmed Kevin Warsh as Federal Reserve chair on May 13 by a 54-45 vote, with Democrat John Fetterman joining Republicans.
U.S. President Donald Trump swore in Warsh at the White House, urging independent action.
Warsh pledged to shrink the Fed balance sheet, pursue reforms, and treat inflation as controllable.

History

Historical Context

After Jimmy Carter nominated Paul Volcker in July 1979 and the Senate confirmed him on August 2, 1979, the new Fed chair faced inflation that peaked at 14.8 percent in March 1980 and raised the federal-funds rate to a 20 percent high in June 1981, driving unemployment above 10 percent. On May 13 2024, the Senate confirmed Kevin Warsh, echoing the call for decisive monetary action.

1 of 3

Warsh Confirmed

Consumer sentiment fell to a low while gasoline rose to $4.56 per gallon as the new Fed chair takes office.
Senate confirmed Kevin Warsh as Federal Reserve chair on May 13 by a 54-45 vote, with Democrat John Fetterman joining Republicans.
President Donald Trump told Warsh to act independently, as critics called him a ‘sock puppet.’
April's CPI showed 3.8% year-over-year inflation, with energy up 17.9% and gasoline at record highs.

1 / 3