On June 11, U.S. President Trump publicly said “I like inflation” in the Oval Office at the White House, and called the May U.S. Consumer Price Index (CPI) data “great.” The Federal Reserve confirmed that the current chairman, Kevin Warsh, will chair its first Federal Open Market Committee (FOMC) policy meeting after taking office on June 17, with a press conference held the same day.
May Inflation Data: CPI Up 4.2% YoY, Core CPI Up 2.9% YoY
Based on data from the U.S. Bureau of Labor Statistics, May CPI in the U.S. rose 4.2% year over year, the highest in three years, and the headline figure was higher than the previous month. Excluding food and energy, core CPI rose 2.9% year over year. Since the outbreak of the Iran war in March, upward pressure on energy prices and restricted transport through the Strait of Hormuz have been the main external factors behind this round of inflation.
Trump’s Public Remarks About Warsh and Powell: Direct Quotes vs. the Record
Regarding Powell, Trump had previously publicly called him “stupid” and pushed several concrete actions: trying to replace Federal Reserve governor Cook, and initiating an investigation with the U.S. Attorney for the District of Columbia regarding renovation costs for the Federal Reserve office building (the related subpoenas were stayed by a judge, and whether the case will be dismissed remains subject to a court ruling).
For Warsh, at the inauguration ceremony on May 22, 2026, Trump clearly said: “I want Kevin to be fully independent, do his own thing, and do the job well.” During a subsequent interview with NBC, Trump said he hoped Warsh would “do whatever he wants to do, and I don’t want to put too much influence on him.” As of the time of reporting, the White House had not responded to questions about whether Trump directly communicated with Warsh on the inflation issue.
Record of Warsh’s Confirmed Hearings and Public Statements
At the April confirmation hearing, Warsh explicitly said: “This kind of inflation risk is still a topic discussed in households and on the board. Until the inflation risk eases, rate cuts are not a condition.”
During the hearing, Warsh confirmed the core of its policy framework: “What I’m most interested in is the potential inflation rate—rather than one-time price changes caused by changes in geopolitics or changes in beef prices, it’s the overall underlying changes in prices in the economy.” In 2025, Warsh said multiple times that advancements in artificial intelligence technology are one of the factors he considers when assessing future rate-cut conditions.
June 17 Policy Meeting: Officials’ Positions and Current Interest Rates
The federal funds rate has been held in the 3.5% to 3.75% range since December 2025. Dallas Fed President Logan and Cleveland Fed President Hammack have publicly said they favor delaying rate cuts and believe there is a need to raise rates within the year. Since Warsh took office, he has resumed the regular meeting mechanism between the Federal Reserve chair and the U.S. Treasury Secretary Bessent.
FAQ
In what context did Trump’s remarks about “liking inflation” occur?
Trump made the above remarks during an interview at the Oval Office at the White House on June 11, 2026, hours after the May CPI data showing a 4.2% year-over-year increase was released, and said the data was “great.” This is based on the CNBC report from that day.
What was the confirmation timing for Warsh’s first FOMC policy meeting and press conference?
The Federal Reserve confirmed that Warsh will chair its first FOMC policy meeting after taking office on June 17, 2026, and that a press conference will be held on the same day.
What is Warsh’s official stance on inflation since he took office?
Based on Warsh’s public statements at the April 2026 confirmation hearing, he said that inflation risks have not yet eased, so rate cuts are not currently conditions that are met; his policy framework focuses on the “potential inflation rate,” rather than short-term price fluctuations triggered by one-off factors such as geopolitics.
