Trump held multiple undisclosed calls with Fed Chair Warsh, reports say

President Donald Trump engaged in multiple undisclosed conversations with Federal Reserve Chair Kevin Warsh following Warsh's confirmation in May 2026. These calls came during a challenging period for the Federal Reserve's credibility as the July 29 FOMC press conference saw the Fed maintain interest rates steady, leading to a sharp sell-off in bonds and 30-year Treasury yields rising to around 5.2%, their highest level in nearly two decades.

The reports from Bloomberg and the Wall Street Journal detail the nature of these interactions but differ in emphasis. Bloomberg highlighted the forceful nature of Trump's intervention, while the Journal portrayed it more neutrally as economic consultations. Both sources agree that Trump sought Warsh's views on various economic topics, including the impact of the Iran war and artificial intelligence.

The White House confirmed the calls, stating that Trump was giving Warsh space to restore confidence in Fed decision-making. Warsh has not publicly disclosed these meetings, a deviation from the norm set by previous Fed chairs like Jerome Powell. The FOMC's current disagreement over monetary policy, fueled by inconsistent economic indicators and mixed Fed officials' statements, adds complexity to the situation.

Upcoming economic data, particularly the July nonfarm payrolls report and the July CPI release, will play a crucial role in shaping the rate debate.