Trump is thus swearing in his own pick as the new Fed chair. Warsh, 56, was confirmed by the Senate last week. He succeeds Jerome Powell, whom the president has long been critical of.
Trump has repeatedly called for rapid cuts in the key interest rate, but Powell has asserted the Fed's independence from political pressure.
Stubbornly high inflation and a strong labor market mean that few believe Warsh can meet Trump's wishes.
The market is currently pricing in a 98.9 percent probability that the Fed will leave the interest rate unchanged in the 3.50–3.75 percent range at its meeting on June 17.
