Kevin Warsh took over as Federal Reserve chair on May 22, 2026 with inflation remaining stubbornly above the 2% target. Despite a strong dollar that should normally make imports cheaper and push prices down, this mechanism is not working as expected due to supply chain restructuring, reshoring, and tariff-driven trade barriers. Interest rates remain in the 3.5% to 3.75% range, and Warsh clearly stated during his Congressional testimony on July 14, 2026 that the Fed has zero tolerance for persistently elevated inflation. The new Fed chair holds between $131 million and $209 million invested across 20 to 30 crypto projects, describing Bitcoin as an important asset, making him unique among Federal Reserve chairs for digital asset markets.
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