Experts assessed the consequences of Kevin Warsh's appointment as head of the Federal Reserve

The appointment of a new chairman of the US Federal Reserve System on May 13 may become one of the key events for the global economy in 2026. Kevin Warsh's appointment to this post came amid a record political split, and his first decisions will determine not only the trajectory of American monetary policy, but also global financial markets. This was reported by RBC on May 18.

According to Daniil Nametkin, director of the CSR Center for Investment Analysis and Macroeconomic Research, Warsh's appointment comes at an extremely difficult time for the American economy.

"The new head of the regulator assumes leadership in the face of severe political polarization, accelerating inflation due to the conflict in the Middle East and direct pressure from the country's political leadership," he said.

One of the main issues for the markets remains the fate of the key interest rate. The first meeting of the Federal Open Market Operations Committee under the leadership of Warsh will be held in June, and most experts expect the current level to remain. This is due to continued inflationary pressures: producer price growth in the United States reached 6% year—on-year, and consumer inflation reached 3.8%.

Additional uncertainty is created by the position of US President Donald Trump, who has repeatedly advocated for a rapid rate cut.

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According to Nikolai Novik, deputy director of the HSE IMVES Center, the main test for the new head of the Federal Reserve will be the ability to maintain independence from the White House.

Another important area of work may be the reduction of the Fed's balance sheet, which is now estimated at $6.7 trillion. Warsh has previously criticized large-scale asset purchase programs, calling them a hidden form of fiscal support for the economy.

In addition, experts do not rule out changes in the regulator's communication policy, banking regulation and approach to digital assets.

According to analysts, Warsh's first decisions will show whether the Federal Reserve System will be able to maintain its status as an independent institution or will be under increasing political influence.

On January 30, Trump nominated Warsh as a candidate to replace Jerome Powell. He noted that Warsh was previously the governor of the Federal Reserve in 2006-2011, becoming the youngest member of the board in history, and also served as special Assistant to the president for economic policy. Later, on May 13, the U.S. Senate confirmed Warsh as chairman of the Federal Reserve. 54 senators voted for his candidacy, while 45 voted against it.