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Kevin Warsh testifies during his confirmation hearing before the Senate Banking Committee on April 21. (Jose Luis Magana/AP)

Trump’s Fed pick will face rising prices as his first major test

 What to know

Kevin Warsh is set to lead the Federal Reserve, facing challenges like stubborn inflation and pressure from President Donald Trump for lower rates. Warsh’s tenure is set to begin amid rising fuel costs due to the war in Iran and a divided Fed committee. Outgoing chair Jerome Powell will remain as a governor, potentially complicating Warsh’s reform agenda.

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