The Senate has confirmed Kevin Warsh as the next chair of the Federal Reserve, placing him in charge of U.S. monetary policy amid rising inflation and debate over interest-rate direction.

He will also serve a 14-year term on the Fed’s Board of Governors and is expected to lead his first policy meeting in June after final administrative steps are completed.

Warsh succeeds Jerome Powell as chair, while Powell remains a governor, as policymakers remain divided over whether rates should be cut or potentially raised.

Recent economic data shows inflation accelerating, with producer and consumer prices rising faster than the Fed’s 2% target, fueling expectations that rates may stay high or even increase, NBC News has reported.

Warsh enters the role amid political pressure from President Donald Trump for rate cuts and growing concerns about central bank independence.