Kevin Warsh confirmed as Fed Chair

Warsh's confirmation follows a fraught selection process that highlighted the deep divisions over the future of American monetary policy.

He is expected to face immediate challenges as he balances the need to control inflation with the Trump administration's demands for lower interest rates.

Outgoing chair Jerome Powell's decision to remain on the board is seen as a stabilizing factor for financial markets.

Warsh's previous experience on the Fed board during the 2008 financial crisis is being cited by supporters as a key qualification for the role.

However, critics worry that his close ties to the administration could compromise the central bank's independence.