President Donald Trump speaks with new Federal Reserve Chairman Kevin Warsh after the swearing-in ceremony in the East Room of the White House in Washington, May 22, 2026.
Anna Moneymaker | Getty Images
President Donald Trump recently spoke with Federal Reserve Chairman Kevin Warsh, the president announced Monday.
The Wall Street Journal reported Wednesday that Trump and Warsh have met repeatedly since Warsh became central bank chairman in May. President Trump said the story was false, but acknowledged that he had contacted Warsh “once, briefly, a few days ago.”
The report comes amid concerns about the Fed’s independence from President Donald Trump, who has broken with most of his predecessors over interest rate policy. Mr. Warsh said he would be happy to hear from the president or anyone else about interest rates, but would decide on the direction of interest rates himself.
The Fed did not respond to requests for comment.
Direct contact between the president and the Fed has been rare in recent years. Since returning to office in 2025, President Trump has only scheduled one regular meeting with former Chairman Jerome Powell. The two also toured the Fed’s construction site together after Trump claimed former Chairman Jerome Powell mismanaged the renovation program.
If not, Trump is putting extreme pressure on the Fed. Last week, he resumed efforts to oust Fed Governor Lisa Cook after a 14-year term on the Fed’s board. It is unclear whether Mr. Trump and Mr. Warsh’s conversation took place before or after that phone call.
President Trump has argued that Warsh should lower interest rates, but that the Fed chairman has the discretion to do otherwise.
“If it was up to him, it would be different, but he has a board of directors,” Trump said Monday.
“But they sounded like I was a living, breathing person. You know, I always talk to Kevin every time. I only talked to him once,” Trump said.
Congress gave the Fed the power to set interest rates independently of political considerations. In the 1970s, a close relationship between Federal Reserve Chairman Arthur Burns and President Richard Nixon preceded rapid inflation.
Mr. Warsh’s calendar for June showed that he met three times with Treasury Secretary Scott Bessent, continuing a long-standing practice of the two officials meeting regularly for breakfast.
