May 23, 2026
Trump's Fed Pick Could Shake Up Your Savings Account
Kevin Warsh is heading back to the Federal Reserve as chair come May, and your wallet should pay attention. This isn't some bureaucratic shuffle that happens in Washington's marble halls — this is the guy who will decide what happens to interest rates for the next several years. Warsh already served on the Fed board during the 2008 financial crisis, so he knows what panic looks like when the markets go sideways. The man tends to lean hawkish on inflation, which means he'd rather crush price increases than coddle a struggling economy. Your savings account might finally start earning real money again if Warsh decides to keep rates elevated. Your credit card debt and mortgage payments will hurt more, but at least the cash sitting in your checking account won't be dissolving like sugar in rain. The current Fed chair has been playing this delicate dance between fighting inflation and keeping unemployment low, but Warsh comes from the school of thought that says inflation is the real enemy. He made his fortune in investment banking before joining government, so he understands how money actually moves through the system. The bond markets are already pricing in his appointment, and mortgage lenders are adjusting their expectations. Your next car loan or home refinance could cost significantly more by summer, but your CD rates might actually become worth checking for the first time in