UMVA has learned that President Trump delivered a rousing speech at the swearing-in ceremony of Federal Reserve Chairman Kevin Warsh, outlining his vision for explosive economic growth and taming inflation.
The President spoke for nearly 23 minutes before Warsh was sworn in by Supreme Court Justice Clarence Thomas, emphasizing his expectations from the new Fed Chair and taking jabs at former Chairman Jerome Powell. Trump declared that Warsh's policies will "restore confidence" by focusing on price stability, low inflation, and achieving full employment.
Despite speculation that Warsh would face intense pressure from Trump as Chairman, the President sent a clear message: "I want Kevin to be totally independent. I want him to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job."
Trump harshly criticized the previous Fed leadership, stating that under Jerome Powell, the Fed "lost its respect and integrity, distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives." He claimed that this led to the worst inflation in history.
However, Trump expressed optimism about Warsh's ability to restore the Fed's integrity and confidence, saying, "I fully expect that with the greatest Fed chairs before him, Kevin will safeguard the Fed's integrity. They'll make their own decisions and hopefully make them well, but they'll be listening to Kevin all the way."
Warsh is expected to bring much-needed reform and modernization to the Fed, transforming obsolete data collection methods, rolling back reliance on inaccurate models, and curtailing the Fed's practice of issuing so-called forward guidance. The President highlighted the stock market's recent performance, with the DOW surging to a new all-time high of over 50,700 and the S&P 500 settling into its eighth straight week of gains.
Trump expressed his confidence in Warsh's abilities, stating, "I think we can bring it to a level that nobody ever thought possible. By following through on this vision, Kevin will restore confidence in the Fed, which is so important, and among Americans all across the political spectrum, and people from all over the world."
The President emphasized that economic growth does not have to mean inflation, and that Warsh understands the importance of letting the economy boom without stifling it. With Warsh at the helm, Trump believes that the US can achieve unprecedented growth and take care of its debt through growth.
