It is reported that Trump frequently calls Walsh, adding more evidence of his intention to intervene in the Federal Reserve

According to informed sources, since Kevin Warsh took office as Chairman of the Federal Reserve, U.S. President Donald Trump has been regularly communicating with him by phone, marking the latest sign of Trump's attempt to exert greater influence over the central bank.

The individuals, who requested anonymity due to the private nature of the discussions, stated that since Warsh was confirmed by the Senate in May, the two have spoken multiple times, with Trump inquiring about Warsh's economic forecasts and views, but not pushing for any specific policy actions. One individual noted that the calls are not on a regular schedule, while another indicated that the frequency of calls is not high. It remains unclear whether they have discussed monetary policy.

White House spokesperson Kush Desai stated in an email that "President Trump has repeatedly emphasized that he is giving Chairman Warsh the space needed to restore confidence and capability in the Federal Reserve's decision-making. While the President, as a U.S. citizen, enjoys First Amendment rights and, as Commander-in-Chief, has a duty to express his views on the Federal Reserve, he has also reiterated his support for Chairman Warsh and the independence of the Federal Reserve."

Although the specific content of the calls is unclear, Trump has long called for significant interest rate cuts from the Federal Reserve. While past presidents have also had calls and meetings with Federal Reserve Chairmen, such interactions are extremely rare, and Trump's efforts to influence monetary policy represent one of the most forceful interventions in central bank decision-making in decades.

When calling for lower borrowing costs, Trump typically downplays concerns about inflation, but his tone has softened since Warsh took office.

Last month, Warsh testified before Congress, stating that Trump did not attempt to interfere with central bank decisions, but he avoided directly answering whether he had communicated with Trump since taking on the role of Federal Reserve Chairman.

"I don't want to publicly share the content of my discussions with the President," Warsh said during the Senate Banking Committee hearing on July 15, while vowing to be "an independent person." "Receiving a call from the Chairman of this committee or the President of the United States, I certainly wouldn't feel uncomfortable."

Previously, Federal Reserve Chairmen would issue press releases after meeting with the President. For example, in May 2025, then-Chairman Jerome Powell issued a statement informing the public about his meeting with Trump, stating that they did not discuss the outlook for monetary policy. Warsh follows the long-standing practice of regular meetings with Treasury Secretary Scott Bessent.

Trump has repeatedly criticized Powell (who still serves as a Federal Reserve Governor) for his interest rate decisions, and the government has investigated Powell regarding renovation projects at the central bank's headquarters. Trump had previously attempted to fire Governor Lisa Cook without success and is reportedly considering similar actions against Governor Michael Barr.

However, President Trump’s public attitude towards Warsh is markedly different. At Warsh's swearing-in ceremony, Trump stated that he hopes the Federal Reserve Chairman will be "completely independent." "Don't look at me, don't look at anyone else, just do your own thing and do it well," Trump said at the ceremony.

Trump has often accused Powell of cutting rates "too late." However, after Warsh maintained interest rates, the President did not blame him, instead attributing the outcome to what he called a "very politicized" Federal Reserve Board Trump's accumulated pressure campaign continues to blur the lines between the central bank and the executive branch, potentially eroding its independence. This also adds new considerations for Waller— the Federal Reserve is trying to cope with the impact of Trump's war with Iran and fluctuations in energy prices, Trump's erratic tariff policies, ongoing inflationary pressures, and the massive U.S. budget deficit.

Foreign media reports on Trump's conversation with Waller indicate that Trump sought Waller's views on a range of topics, including the economic impact of the war with Iran and the rise of artificial intelligence. Reports suggest that Waller often painted a positive economic picture for Trump, but it remains unclear whether they discussed monetary policy