How Warsh Could Shape Fed Policy

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 28 April 2026

⏱️ 16 minutes

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Summary

How will President Trump’s nominee for the Federal Reserve, Kevin Warsh, shape monetary policy if confirmed as Fed chair? Goldman Sachs’ Rob Kaplan, vice chairman and the former president of the Dallas Fed, shares views on Warsh’s potential approach to monetary policy, the balance sheet, and communications. This episode was recorded on April 27, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	President Trump's pick to run the Federal Reserve, Kevin Warsh, now faces a quicker path to confirmation after the Justice Department dropped its investigation of current Fed Chair Jerome Powell on Friday.
0:17.3	So what are the implications for Fed policy and markets if Warsh is confirmed as Fed Chair?
0:22.6	I'm Alison Nathan and this is Goldman Sachs exchanges.
0:25.6	To discuss what we know about Warsh, his potential approaches to Fed policy and the confirmation process ahead,
0:34.6	I'm sitting down with Rob Kaplan, Vice Chairman of Goldman Sachs and former president of the Dallas Fed.
0:40.9	Rob, welcome back to exchanges.
0:42.7	Great to be with you, Allison.
0:44.1	Always nice to be here.
0:45.6	So, Rob, as always seems to be the case when we have you on here, there's a lot to talk about.
0:50.0	But before we get into the policy of all of this, just wanted a level set.
0:55.3	Can you give us an update on where we are in Kevin Warsh's confirmation process and how much uncertainty is still at play there?
1:03.7	Regarding Kevin Warsh, I think the path is clear.
1:07.1	Now that the Justice Department has dropped its case, it's at the Inspector General.
1:13.3	Warsh then is going to get confirmed.
1:15.6	Senator Tillis has reiterated that.
1:18.4	And I would expect Kevin Warsh to be in the seat for his first FOMC meeting in June.
1:25.3	Rob, let me just ask you one more thing.
1:27.2	This process has seemed unusually politicized.
1:30.4	But given all of your experience in many years of the Fed, is that actually the case?
1:35.5	Let me tell you the parts that created some political considerations.
1:41.2	First of all, going back into the fall, the president called for J. Powell to step
1:47.8	down or to leave, and there was a question whether he could fire him. I actually think the criticism
	...

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