Kevin Warsh is sworn in as chair of the Federal Reserve

Supreme Court Justice Clarence Thomas delivered the oath of office. Among those seated in the audience were Treasury Secretary Scott Bessent, House Speaker Mike Johnson, and Justice Brett Kavanaugh, alongside other cabinet members and lawmakers, according to CNBC.

Such ceremonies have in recent years been held at the Fed itself, without a presidential presence — making Friday's East Room event the first White House swearing-in for a Fed chair in nearly four decades, since Greenspan's in 1987, according to Yahoo Finance.

In his remarks once the ceremony concluded, Warsh addressed his core mission: "Our mandate at the Fed is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher and America can be more prosperous."

Taking stock of his new position, Warsh described it as "a high and solemn responsibility" and pledged to lead "a reform-oriented Federal Reserve, learning from past successes and mistakes."

Despite a prolonged campaign of public pressure on the central bank for rate cuts, President Donald Trump struck a hands-off tone at the ceremony. "I want Kevin to be totally independent," he said. "Don't look at me, don't look at anybody, just do your own thing and do a great job."

Friday's ceremony marked the beginning of Warsh's second stint at the central bank — he held a governor's seat between 2006 and 2011 — and elevated him to the position of 11th Fed chair of the modern banking era, according to CNBC. The Senate confirmed him on May 13 in a 54-45 vote.

Rather than leaving the institution once his chairmanship ended on May 15, Jerome Powell has opted to retain his seat on the Board of Governors — a choice that no departing Fed chair has made in close to eight decades, according to The Washington Post. The Federal Reserve named Powell chair pro tempore following the expiration of his term, a step consistent with past transition practice, until Warsh was sworn in.

The economic landscape Warsh steps into is far from forgiving: prices have stayed above the Fed's 2% target for over five years, and the ongoing war in Iran has driven up energy costs in ways that are feeding broader inflationary pressure, according to The Washington Post. CME $CME FedWatch data put the probability of at least one rate hike before year's end at 57%, according to Yahoo Finance.