The Senate on Wednesday confirmed Kevin Warsh as the next chair of the Federal Reserve in the most divisive confirmation vote in the central bank’s modern history, handing President Donald Trump a landmark win just as fresh inflation data clouds the path to the interest rate cuts he has loudly demanded.

The chamber voted 54–45 to confirm Warsh, 56, making him the 11th Fed chair of the modern banking era and the wealthiest person ever to hold the position. The vote was nearly entirely along party lines, with only Pennsylvania Democratic Senator John Fetterman crossing over in support.

Warsh takes over from Jerome Powell, whose four-year term as chair expires Friday —…

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