The New Fed Chair Is About to Change EVERYTHING. Here's What They're Not Telling You
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 29 May 2026
⏱️ 26 minutes
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Transcript
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| 0:00.0 | Kevin Warsh is now our new Fed chair and he's been talking a lot and we need to break down exactly |
| 0:07.6 | what he's been saying and what that means. So to start, we have a very unusual transition happening. |
| 0:14.7 | This hasn't happened since 1948. Like just put that in perspective. That's a long time, guys. |
| 0:20.4 | That's like almost 80 years, right? |
| 0:23.5 | So what is this? |
| 0:25.8 | What it is is you have Warsh coming in as the chair and Powell staying on the board governors, right? |
| 0:33.8 | So he's now one of the committee, right? |
| 0:36.2 | And by the way, they have been adversaries on many, many, many things. I'm sure this is going to be very, very interesting. I think actually this is going to be one of the biggest things to watch. Let's just talk about the reason that Powell is going to be staying on the board. So for one, Trump's been trying to bully him like he didn't have a choice on what he was going to do. And I think part of this with Powell is a big screw you to Trump. Probably what I would do. Yeah, exactly. You have two male egos, essentially, and you have one that, that you know trying to bully him around and then |
| 1:11.8 | Powell's just saying no I'm just going to stay on which like you said hasn't happened since |
| 1:15.8 | 1948 we've had people that stay on during the transition for a little bit but pal is like no I am |
| 1:20.9 | I am riding out my term and I am staying on and it's going to cause some chaos because to your point, Warsh and Powell believe two very |
| 1:29.8 | different things. |
| 1:31.2 | And so Powell is going to have some influence over the governing board because he's been the chair. |
| 1:36.4 | And then Warsh will have his own influence as the new chair. |
| 1:39.1 | I love that he stays on. |
| 1:41.2 | And I actually, I think as a policy, it should probably be that way. |
| 1:46.5 | I don't know what you guys, but I've been on enough boards where there's a succession going up |
| 1:51.0 | and there's a transition going down. And certainly anybody who's served as a chair of anything, |
| 1:58.4 | anywhere brings value, right? And so, you know, whether or not they |
| 2:03.3 | clash with the president or not, I think, is their role. It's supposed to be independent, |
| 2:08.6 | as you guys know. But, you know, the Fed is not really fed. It's, it's, it's, it's private. So, |
| 2:16.1 | but the, I, I, I actually think it's good you know we do not want |
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