Ben Bernanke

Kevin Warsh has been sworn in as the new Federal Reserve Chair, but outgoing Chair Jerome Powell remains on the Fed Board, potentially enabling him to act as a 'shadow chair' and push for rate hikes despite concerns about an oil-price shock. The article argues that rate hikes would worsen economic vulnerabilities in housing, manufacturing, and small-business credit, citing historical precedents where past Fed chairs like Alan Greenspan and Ben Bernanke cut rates during oil shocks.

Kevin Warsh has been confirmed as the leader of the Federal Reserve, becoming America's economist-in-chief amidst resurgent inflation and public discontent. He was confirmed by a 54-to-45 Senate vote and will take the helm after Jerome Powell's term ends. Warsh has promised sweeping change at the institution and inherits buoyant financial markets and elevated inflation.