President Donald Trump could not hide his bruised ego Friday during the White House swearing-in of his new Federal Reserve chairman — complaining out loud that the crowd’s applause was meant for Kevin Warsh, not him.
“I thought that was for me. I was very unhappy,” Trump said, drawing laughs from the assembled dignitaries. “I saw they’re all looking at you. I was not happy about that.”
Trump then pivoted to flattery, calling the moment “an amazing, amazing ovation” and boasting that the crowd represented “the most important business people and political people that you could possibly have in one room.”
Kevin Warsh, 56, was sworn in Friday as the 11th chairman of the Federal Reserve in the modern era, succeeding Jerome Powell, whose term expired this week. Warsh was confirmed by the Senate in a near party-line vote on May 13 after a selection process that began in the summer of 2025 and included as many as 11 candidates.
Warsh previously served as a Fed governor from 2006 to 2011, helping steer the central bank through the global financial crisis. He has since grown critical of the Fed’s post-crisis posture, arguing the central bank overreached its mandate by wading into issues like climate change and social inequality.
Trump has made no secret of why he wanted a new Fed chief. He spent years publicly attacking Powell for refusing to cut interest rates as aggressively as the president demanded. Warsh is widely expected to be more aligned with Trump’s appetite for lower rates.
The swearing-in itself broke with recent tradition — past ceremonies were held at the Fed, without the president present. Trump hosted Friday’s event at the White House, telling the crowd the building is “in tippy-top shape, finally.”
“That’s the real estate business in me,” he said.
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