President Donald Trump downplayed his contact with Federal Reserve Chairman Kevin Warsh on Monday, telling reporters he has spoken to him only once since Warsh took office in May, contradicting recent reporting that the two have maintained frequent communication.
“The Wall Street Journal had a wrong story,” Trump said in the Oval Office. “I have tremendous respect for Kevin Warsh. I’ve only spoken to him one time, briefly, a few days ago. Just a conversation.”
The Wall Street Journal reported last week that Trump has called Warsh repeatedly since he became Fed chairman, departing from recent precedent. According to people familiar with the matter, the president calls Warsh in bursts — several times in a stretch of days, then quiet for longer periods — seeking his counsel on matters including how the war in Iran and the rapid rise of artificial intelligence are affecting the economy.
Trump’s denial came as he sought to distance himself from suggestions that he is exerting inappropriate pressure on the central bank’s independence. “They made it sound like I live and breathe, you know, I speak to him all the time, every time. I spoke to him one time,” Trump said, adding that Warsh “has a board” and “it’s not only him.”
Trump nominated Warsh in January 2026 and he was confirmed by the Senate in May, taking over from Jerome Powell. The president has long sought to influence Federal Reserve policy, publicly pressuring Powell during his first administration to lower interest rates and even calling for his removal. With Warsh, Trump said he has “tremendous respect” and that “he’s my pick, and I’m going with him 100%.”
White House National Economic Council Director Kevin Hassett offered a different characterization on Friday, saying Trump and Warsh talk about the economy “all the time.” Hassett said he does not listen in on the calls but insisted he is “sure” the president doesn’t pressure the Fed chief on interest-rate decisions. “Kevin Warsh and the president have a very close, long-term relationship from New York City, from Florida, and they talk about the economy all the time,” Hassett said.
The back-and-forth highlights the political stakes around Fed independence before the November election. Oil and gas prices rose last weekend following news that Iran was increasing its demands before opening the Strait of Hormuz, putting pressure on the economy and inflation — issues Trump has made central to his campaign. Presidents appoint Fed chairs, but the central bank is designed to set interest rates independently, a separation meant to keep politics out of decisions that shape borrowing costs across the economy.
Warsh has been less forthcoming than Trump might prefer. Since taking office, he has declined to publicly discuss what recent economic trends mean for interest rates, abandoning the long-held practice of providing “forward guidance.” He has instead highlighted artificial intelligence and its potential to boost productivity and lower inflation — a development that would strengthen the case for rate cuts — but has stopped short of committing to any path on borrowing costs.
Sources
- Washington Examiner — Trump’s statement on Monday that he spoke to Warsh only once, briefly, a few days ago
- Wall Street Journal — Trump’s repeated calls to Warsh in bursts since May, seeking counsel on Iran, AI, and the economy
- Bloomberg — Kevin Hassett’s statement that Trump and Warsh talk “all the time” about the economy and that Trump does not pressure Warsh on interest rates
- CNN — Warsh’s approach to forward guidance and his focus on AI’s potential economic benefits
