Trump to host swearing-in of new US Fed chair Warsh on Friday

US President Donald Trump on Friday will swear in Kevin Warsh as the next chairman of the US Federal Reserve, a White House official said on Monday.

The US Senate on Wednesday approved Kevin Warsh as chair of the Federal Reserve, putting the 56-year-old lawyer and financier at the helm as the US central bank grapples with intensifying inflation that may make it hard to push through the interest-rate cuts that President Donald Trump has demanded.

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Warsh, Trump's pick for Fed chair, presumably brings a fresh start in relations between the Oval Office and the central bank after eight years of friction with the White House, a global pandemic, and the fight against high inflation.

Warsh will take the leadership baton from Fed Chair Jerome Powell.

Fox Business first reported the timing for the swearing-in ceremony, which will take place at the White House.