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Banking's Rounds liked Warsh's 'tone' in first testimony as Fed chair
CNBC • • general
Key Points:
- Sen. Mike Rounds praised Federal Reserve Chairman Kevin Warsh's recent testimony before the Senate banking committee, highlighting Warsh's focus on controlling inflation.
- Warsh, appointed by President Trump after a campaign against Jerome Powell, maintained interest rates steady at his first Fed meeting in June.
- Rounds emphasized the importance of lowering inflation and mortgage rates as long-term goals, aligning with both the Fed's approach and recent congressional efforts, including a housing package aimed at reducing costs for buyers and renters.
- Warsh underscored the Federal Reserve's independence from the White House amid past tensions between Trump and Powell, a point supported by Rounds who stressed the Fed should make decisions based on its own judgment.
