New Fed Chair Faces Pressure as Oil Prices Fuel Inflation

The U.S. Federal Reserve is set to begin a new era after former governor Kevin Warsh won a highly polarized 54-45 Senate confirmation vote to replace Jerome Powell as the Fed Chair. A close ally of U.S. President Donald Trump, Warsh will face a difficult job balancing complicated policies and conflicting goals. He is also under strong pressure from Trump to cut interest rates, even as inflation rises, partly because of higher oil prices. Oil prices rose again on Monday following Trump’s stark warning to Iran following reports of attacks on…