Trump picks former Federal Reserve official Kevin Warsh to chair US central bank

US President Donald Trump on Friday named former Federal Reserve official Kevin Warsh to be the next head of the US central bank, after teasing his choice for weeks, with Jerome Powell due to step down from the top job in May.The 55-year-old Warsh, who served as a governor of the Federal Reserve Board from 2006 to 2011, appeared to align with Trump’s bid to control the monetary policymaking institution as economic issues – from tariffs to affordability – dominate the policy agenda ahead of the November midterm elections.But Warsh has a reputation earlier in his career for favouring tighter monetary policy, which he has tried to shed in recent months through opinion articles and media appearances.As financial markets have signalled concern that Trump’s pick might be too accommodating, the president has swallowed his misgivings and chosen someone like Warsh, who is seen as acceptable to Wall Street and Congress.The nomination remains subject to US Senate confirmation.US Fed chief threatened with criminal indictment by Trump administrationUS Fed chief threatened with criminal indictment by Trump administrationTrump has long said that his pick would consult him on monetary policy and that he believes “in lower interest rates, by a lot”.