Powell exits Fed chair as Warsh inherits rate test (opens in new tab)

Jerome Powell stepped down as Federal Reserve chair on May 15 after more than eight years leading the U.S. central bank through the COVID-19 pandemic, a surge in inflation and repeated pressure from President Trump over interest-rate policy. CBS News said economists credited Powell with helping steer the economy through historic shocks while faulting the Fed for misreading inflation. Kevin Warsh, President Trump's choice to succeed Powell, took over after Senate confirmation this week and has...