America's central bank gets new chairman

Kevin Warsh was on Friday sworn in as Fed chair by Supreme Court Justice Clarence Thomas.

Warsh said it was an honour to be sworn in by his ''esteemed friend,'' Thomas.

Warsh, in his remarks, said he saw former Fed chair Alan Greenspan as a model for the role, explaining that the Fed can help with the nation's prosperity.

''Our mandate at the Fed is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve - inflation can be lower; growth, stronger; real take-home pay, higher,'' Warsh said.

The swearing-in ceremony was hosted by President Donald Trump, who said that he wants new Fed chair to be ''totally independent''.

''I really mean this. This is not said in any other way,'' Trump said. ''I want Kevin to be totally independent. I want him to be independent and just do a great job.''.

''Don't look at me, don't look at anybody. Just do your own thing and do a great job, okay?'' he added.

The pressure Trump placed on outgoing Fed chair Jay Powell to lower interest rates raised questions about the independence of the Federal Reserve.

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