Kevin Warsh is stepping in as the new chairman of the Federal Reserve at a critical juncture for the U.S. economy. He enters the role facing several challenges, including elevated inflation, which is at its highest level in more than three years, as well as issues regarding interest rates and independence.
The Federal Reserve's June meeting, the first helmed by Warsh, may impact many consumer borrowing and savings rates down the road. The US Federal Reserve is expected to leave interest rates unchanged as it balances rising inflation with economic uncertainty.
As part of the proceedings, the central bank's Federal Open Market Committee is set to release its quarterly update of where individual officials expect interest rates to head. These updates arrive as the specter of rate increases greets Warsh in his debut as chairman.