Federal Reserve chair-designate Waller will move up, officially taking over from Powell on May 15

According to media reports, the incoming chair of the U.S. Federal Reserve (Fed), Kevin Warsh, is expected to be confirmed by the U.S. Senate on May 11 and to officially take over as the 17th chair of the Federal Reserve from the current chair Jerome Powell on May 15.

Confirmation schedule and position handover

According to media reports, Warsh, the Federal Reserve chair candidate nominated by U.S. President Donald Trump, is expected to be confirmed by the Senate on May 11, 2026, and to officially assume the role of Federal Reserve chair from Jerome Powell on May 15, 2026.

Warsh’s hearing policy stances: review to abolish the dot plot and forward guidance

At the Senate confirmation hearing in early May 2026, Warsh called for abolishing the Federal Reserve’s “dot plot” and proposed a re-examination of the forward guidance mechanism.

In late 2025, Warsh had publicly said that AI is a strong structural force for disinflation, and noted that AI-driven productivity gains can support economic growth without necessarily pushing inflation higher. In a public statement, he described blockchain as “the newest and most disruptive foundational software,” and said the United States must stay ahead in this area to maintain long-term competitiveness.

Hassett: expects the Fed to cut rates this year

In an interview with Fox News on May 8, 2026, NEC director Kevin Hassett said: “There’s no sign that inflation is getting out of control, and there’s no need for the Fed to raise interest rates. I believe we will see rate cuts this year, because Fed chair candidate Warsh agrees with that.”

In the same interview, Hassett said that the number of people applying for unemployment insurance for the first time is “the lowest level since the 1960s,” and that the labor market is “very, very, very strong.”

Frequently asked questions

When is Kevin Warsh expected to be confirmed by the Senate and officially take office as Fed chair?

According to media reports, Warsh is expected to be confirmed by the Senate on Monday, May 11, 2026, and is scheduled to officially take over from Jerome Powell on Thursday, May 15, 2026, to become the 17th chair of the Federal Reserve.

What specific policy reform directions did Warsh propose at the hearing?

According to the Senate confirmation hearing in early May 2026, Warsh called for abolishing the Federal Reserve’s “dot plot” and proposed re-examining the forward guidance mechanism.

What is NEC director Hassett’s latest position on Fed rate cuts?

According to a statement by Kevin Hassett on May 8, 2026, in an interview with Fox News, he said there are no signs of inflation getting out of control, believes the Fed will cut rates this year, and noted that Warsh himself also agrees with the direction of rate cuts.