US President Donald Trump on Friday said Wall Street's sharp rally reflected investor confidence in Kevin Warsh, whom he described as his preferred choice to lead the US central bank.
Speaking at the White House, Trump pointed to record highs on Wall Street, claiming markets were signalling approval of Warsh's leadership credentials. “Stock market's up 600 points. That means they like you,” Trump said, adding, “I think with you, it's only going to go up.”
Trump said Warsh would have the full support of his administration while operating with total independence at the Federal Reserve. He added that Warsh would move to curtail the Fed's practice of forward guidance and bring reform and modernisation to the institution.
“America's future is unlimited with Warsh at the helm,” Trump said, adding that “nobody was even close” when it came to selecting a candidate for the role.
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The remarks came as US equities touched fresh records, with Trump highlighting the Dow Jones Industrial Average crossing the 50,700 mark and the S&P 500 also scaling new highs. He linked the rally to his administration's economic agenda, including tax cuts, deregulation and tariffs aimed at boosting domestic manufacturing.
Trump reiterated that his administration would prioritise economic growth while keeping inflation under control. “We want to stop inflation, but not stop greatness,” he said. “Economic growth doesn't mean inflation.”
The president also defended his tariff-led industrial strategy, claiming it had triggered trillions of dollars in investments into the US economy, particularly across artificial intelligence, semiconductor manufacturing, automobiles and pharmaceuticals.
“We will grow our way out of debt,” Trump said, while arguing that private-sector hiring, factory construction and reshoring of manufacturing capacity would drive the next phase of US economic expansion.
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