The end of the Powell era: Trump celebrated a Fed free from environmental and inclusion policies at Kevin Warsh's swearing-in.

President Donald Trump delivered remarks this Friday during the swearing-in ceremony of the Federal Reserve Chairman, Kevin Warsh, assuring that the new chairman will be "totally independent" from the White House.

"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 anyone, just do your thing and do a great job," was the president's message to the new head of the U.S. Central Bank.

"I fully expect that, just like the best Fed chairs before him, Kevin will safeguard the integrity of the institution. They will make their own decisions, and I hope they make them well, but they will listen to Kevin at all times. I truly believe that; even if they are somewhat different in stance, they will listen to him out of respect, because everyone respects him," Trump added.

Goodbye to Powell's policies

Trump emphasized that, under Powell's leadership, the Fed lost its respect and integrity and focused on issues like climate policy and diversity, equity, and inclusion initiatives (DEI). "With the Fed straying from its mandate, while the previous administration shot the deficit up, Americans suffered the worst inflation we have had in history," explained the Republican leader.

The president pointed out that Warsh will aim for price stability, low inflation, and achieving full employment, in addition to restoring confidence in the Fed. "Kevin has also said he will bring much-needed reform and modernization, transforming outdated data collection methods, reversing the reliance on inaccurate models, and reducing the Fed's practice of issuing so-called forward guidance," the president said.

Trump also noted that the Dow Jones surged to a new all-time high above 50,700 points, as well as the S&P 500, which marked its eighth consecutive week of gains before Warsh's assumption. "Both set new records today, and that's certainly a good thing, but you're going to take it to a very different level, believe me," the Republican mogul expressed with optimism.