New Fed Chair Kevin Warsh Takes Over Today, What About Interest Rates?

After officially being confirmed by the U.S. Senate this week, today is the day that Kevin Warsh will replace Jerome Powell as the Chairman of the Federal Reserve.

"He is a good pick, one of the few perhaps that could have made it through the Senate" said economist Joel Griffith, "He's a tried and true business person, he's independently wealthy and I think that's a positive at this point. I don't believe he will influenced in any way by outside pressure."

With that said, Warsh has long been an advocate for lower interest rates, and lowering the Fed's massive balance sheet.

"I don't anticipate that there will be large differences on policy" Griffith told KTRH, "We know that each time the Fed makes a decision, we see non-sense coming from the Chair."

But that will all end today, as Jerome Powell's eight-year run is finally done.

The next Federal Reserve meeting is set for June 16-17. We'll have to see about a rate cut.

"My bet would be, an increase in interest rates over the next year is more likely than a cut" noted Griffith.

That's because the Fed is currently dealing with persistent inflation, along with the economic fallout from the war in Iran.

Warsh said during his confirmation hearing that he intended to keep the central bank "in its lane," while warning that the Fed had become too involved in social policy during the previous administration.