Trump confirms one call with Fed Chair Warsh

Otherwise, Trump has put extreme pressure on the central bank. Last week he revived an effort to fire Governor Lisa Cook, who is serving a 14-year term on the Fed’s Board. It was not clear if the Trump-Warsh conversation came before or after that call.

Trump has said Warsh should lower interest rates while insisting the chairman has the latitude to do otherwise.

“If it was up to him, it would be different, but he’s got a board,” Trump said Monday.

“But they made it sound like I live and breathe – you know, I speak to Kevin all the time, every time. I spoke to him one time,” Trump said.

Congress gave the Fed the power to set rates independently. In the 1970s, a too-close relationship between Fed Chairman Arthur Burns and President Richard Nixon preceded a sharp bout of inflation.

Warsh’s calendar for June showed he met three times with Treasury Secretary Scott Bessent, continuing a longstanding custom of the two officials meeting regularly for breakfast.