Trump And Warsh Reportedly Held Multiple Calls Over The Past Weeks, Renewing Scrutiny Over Fed Independence

President Donald Trump has held multiple phone conversations with Federal Reserve Chair Kevin Warsh since the latter took office in May, according to a new report.

The conversations, detailed by The Wall Street Journal, have taken place periodically since Warsh's confirmation. According to people familiar with the discussions, Trump has sought Warsh's views on economic forecasts and broader issues affecting the U.S. economy, but has not pressured him to pursue a specific monetary policy or interest-rate decision.

The frequency of the calls remains unclear, with sources describing them as irregular or infrequent. The White House defended the contacts, arguing they do not undermine the Federal Reserve's independence.

"President Trump has repeatedly stressed that he is giving Chairman Warsh the space he needs to restore confidence and competence in Fed decision-making," White House spokesman Kush Desai said in a statement.

"While the President has his First Amendment right as an American citizen and duty as Commander in Chief to voice his thoughts about the Fed, he has also repeatedly reaffirmed Chairman Warsh and the Fed's independence." The Federal Reserve declined to comment.

Although the contents of the calls remain largely unknown, the conversations come against the backdrop of Trump's long-running campaign to influence monetary policy. Throughout his presidency, Trump has repeatedly urged the Fed to lower interest rates, arguing cheaper borrowing costs would strengthen economic growth while dismissing concerns that inflation remains elevated.

Since Warsh succeeded Jerome Powell as Fed chair in May, however, Trump has adopted a notably softer public tone. Rather than criticizing Warsh directly after the central bank left interest rates unchanged, Trump instead blamed what he called a "very political" Federal Reserve board for the decision.

Warsh has consistently maintained that he intends to operate independently despite his communications with the White House. During testimony before the Senate Banking Committee in July, lawmakers pressed him on whether Trump had contacted him since he became Fed chair. Warsh declined to discuss private conversations.

"I just don't want to be in the business of sharing discussions that the president and I have," Warsh told senators, while also describing himself as "an independent guy." He added that he would not view calls from elected officials as inappropriate.

"I certainly don't feel uncomfortable receiving a call from the chairman of this committee or the president of the United States," Warsh said. The relationship marks a departure from recent practice, where contacts between presidents and Fed chairs have generally been limited and often publicly disclosed afterward.

One case took place in May 2025, when then-Chair Jerome Powell issued a statement following a meeting with Trump, emphasizing that the two had not discussed his monetary policy outlook.

At the same time, regular communication between the Federal Reserve and the Treasury Department remains standard practice. Warsh continues to meet routinely with Treasury Secretary Scott Bessent, following decades of precedent between the two institutions.

Trump's relationship with Warsh also contrasts sharply with his treatment of Powell. During Powell's tenure, Trump repeatedly attacked the Fed chair over interest-rate decisions, calling him "too late" to reduce borrowing costs.

The administration also opened an investigation into renovations at the Fed's headquarters and unsuccessfully sought to remove Fed Governor Lisa Cook, while reportedly considering similar action against Governor Michael Barr. By comparison, Trump has publicly praised Warsh and emphasized that he wants the Fed chief to make decisions independently.

At Warsh's White House swearing-in ceremony in May, Trump declared, "I want Kevin to be totally independent." "Don't look at me, don't look at anybody, just do your own thing and do a great job," the president said.

According to The Wall Street Journal, Trump has also sought Warsh's views on issues beyond interest rates, including the economic effects of the conflict with Iran and the rapid expansion of artificial intelligence. Warsh reportedly painted an optimistic picture of the U.S. economy during those discussions, though it remains unclear whether monetary policy was ever directly addressed.