Trump Says He Would Have Rejected Warsh for Fed if He Wanted Rate Hikes

The president claimed Warsh would not have been nominated if he expressed a desire to raise interest rates.

Feb. 4, 2026 at 3:31pm

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In an interview, President Donald Trump said he would not have nominated Kevin Warsh to lead the Federal Reserve if Warsh had expressed a desire to raise interest rates. Trump claimed there was 'not much' doubt the Fed would lower rates because 'we're way high in interest' but now 'we're a rich country again.' The president also said he believes Warsh understands Trump wants him to lower the benchmark rate.

Why it matters

Trump's comments could become an issue during Warsh's potential confirmation process, as the Fed's independence is likely to be a central topic. Republican Senator Thom Tillis has pledged to block any of Trump's nominees to the central bank until a Justice Department investigation into the Fed's renovation is ended.

The details

Trump said 'If he came in and said, 'I want to raise it,' he would not have gotten the job, no.' The president claimed there was 'not much' doubt the Fed would lower rates because 'we're way high in interest' but now 'we're a rich country again.' When asked if Warsh understands Trump wants him to lower the benchmark rate, the president responded, 'I think he does, but I think he wants to anyway.'

  • On February 4, 2026, Trump made the comments in an NBC News interview.

The players

Donald Trump

The President of the United States.

Kevin Warsh

A former Federal Reserve governor who developed a reputation as an inflation hawk but has recently voiced support for lower rates.

Thom Tillis

A Republican Senator and member of the Banking Committee who has pledged to block any of Trump's nominees to the Federal Reserve until a Justice Department investigation into the central bank's renovation is ended.

Jerome Powell

The outgoing Chair of the Federal Reserve, who has called the Justice Department probe a thinly veiled attack on the Fed's ability to independently decide monetary policy.

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What they’re saying

“If he came in and said, 'I want to raise it,' he would not have gotten the job, no.”

— Donald Trump, President of the United States (NBC News)

“I think he does, but I think he wants to anyway.”

— Donald Trump, President of the United States (NBC News)

What’s next

Warsh's potential confirmation process will likely focus on the Fed's independence, as Republican Senator Thom Tillis has pledged to block any of Trump's nominees to the central bank until a Justice Department investigation into the Fed's renovation is ended.

The takeaway

Trump's comments about his preference for a Federal Reserve chair who would lower interest rates, rather than raise them, highlight the ongoing tension between the president and the central bank's independence. This could become a significant issue during the confirmation process for any of Trump's Fed nominees.