Kevin Warsh has been confirmed as the new US Federal Reserve chair, a decision that has been met with controversy. As chair, Warsh is expected to testify on monetary policy and has emphasized the importance of the Fed's political independence, with some indication that he will focus on inflation. It is unclear how Warsh's leadership will impact interest rates, with some speculation that they may be raised this year, although policymakers are currently expected to hold rates steady at their first meeting under his chairmanship.