President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.

The Chicago Fed president said Tuesday that cuts aren't appropriate until there's more evidence that inflation is on its way down.

Federal Reserve officials discussed scenarios in which an interest rate hike might be appropriate at their most recent meeting, according to minutes.

The Fed maintained its federal funds rate — what banks charge each other for short-term loans — in its current range of 3.5% to 3.75%. The decision matched expectations from Wall Street economists, according to financial data service FactSet.

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the great Fed Chairmen."

The S&P 500's expensive valuation could lead to a steep decline in stock prices, especially if tariffs become a material economic headwind.

Did President Donald Trump say "I made a mistake" about nominating Kevin Warsh as Federal Reserve chair? No, that's not true: Trump was referring to Jerome Powell, whom he previously nominated as

Kevin Warsh, a former Fed governor, has emerged as Donald Trump’s pick to lead the Federal Reserve. Here’s his background, views and why it matters.

Chicago Fed’s Austan Goolsbee says more interest-rate cuts are possible if inflation moves toward 2%, as January CPI and jobs data reshape Fed outlook

The Federal Reserve pushed the pause button on its interest rate cuts Wednesday, leaving its key rate unchanged at about 3.6%.

Barring a rapid deterioration in the labor market or a significant cooling of inflation, the Federal Reserve appears poised for an extended hold.