Trump Denies Discussing Interest Rate Cuts with Fed Chair Pick Warsh

President says it would be 'inappropriate' to ask Warsh about rate cuts before confirmation.

Jan. 30, 2026 at 6:07pm

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President Trump told reporters that he did not discuss interest rate cuts with his Federal Reserve chair pick, Kevin Warsh, insisting that would be 'inappropriate.' Trump announced Warsh as his nominee to chair the Federal Reserve board, but the nomination faces resistance from Republican Senator Thom Tillis, who said he will oppose any Fed nominee until a criminal investigation into current Chair Jerome Powell is resolved.

Why it matters

Trump's comments highlight the political tensions surrounding the Federal Reserve and monetary policy decisions. The president has been critical of the Fed's interest rate hikes under Powell, and his selection of Warsh, who has advocated for lower rates, suggests Trump wants a more dovish Fed chair. However, Trump's insistence that discussing rate cuts with Warsh would be 'inappropriate' suggests he is trying to avoid the appearance of improperly influencing the Fed's independence.

The details

In the Oval Office on Friday, Trump told reporters he has been 'following' Warsh and knows he 'certainly wants to cut rates,' but said he did not ask Warsh about committing to rate cuts if confirmed. Trump said he wants to 'keep it nice and pure' and avoid anything 'inappropriate.' Trump's comments came hours after he announced Warsh as his nominee to chair the Federal Reserve board. However, Warsh's confirmation faces resistance from Republican Senator Thom Tillis, who said he will oppose any Fed nominee until the Justice Department's criminal investigation into current Chair Jerome Powell is 'fully and transparently resolved.'

  • On January 30, 2026, President Trump announced Kevin Warsh as his nominee to chair the Federal Reserve board.
  • On the same day, Trump told reporters he did not discuss interest rate cuts with Warsh, calling it 'inappropriate.'

The players

President Trump

The President of the United States who announced Kevin Warsh as his nominee to chair the Federal Reserve board.

Kevin Warsh

Trump's nominee to chair the Federal Reserve board, who has advocated for lower interest rates in the past.

Senator Thom Tillis

A Republican senator who said he will oppose the confirmation of any Federal Reserve nominee until a criminal investigation into current Chair Jerome Powell is resolved.

Jerome Powell

The current Chair of the Federal Reserve, who is under a criminal investigation by the Justice Department.

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What they’re saying

“No, but we talk about it. I've been following him. I don't want to ask him that question. I think it's inappropriate, probably. It probably would be allowed, but I want to keep it nice and pure.”

— President Trump

“He's going to be out of office. I always liked Sen. Tillis actually, but he did some things that were not smart.”

— President Trump

What’s next

The Senate will need to confirm Warsh as the next Federal Reserve chair, but Tillis has said he will oppose any nominee until the investigation into Powell is resolved.

The takeaway

Trump's selection of Warsh, who has advocated for lower interest rates, suggests the president wants a more dovish Federal Reserve. However, his insistence on not discussing rate cuts with Warsh indicates Trump is trying to avoid the appearance of improperly influencing the Fed's independence, even as he continues to be critical of the central bank's policies under Powell.