Editorial

17:43 JST, February 1, 2026

U.S. President Donald Trump has been exerting an unprecedented level of pressure for interest rate cuts, jeopardizing the independence of the U.S. Federal Reserve Board.

It is hoped that the Fed’s new chair will firmly maintain the independence of monetary policy, in light of the gravity of the task of stabilizing the U.S. and global economies.

Trump has announced his nomination of former Fed governor Kevin Warsh as the Fed’s next chair. Following his Senate confirmation, Warsh is expected to take office as early as May. His term will be for four years.

Warsh was appointed to the Fed Board of Governors at the young age of 35 in 2006. He is well-versed in the Fed’s policies and operations, having a........

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