Former Federal Reserve Governor Kevin Warsh, considered one of President Donald Trump’s leading candidates to replace Chair Jerome Powell, said the United States is at “a transformational moment in economic history” and argued that “the last thing we need is continuity at the Fed.” In a CNBC interview on 17 July, Warsh called for “regime change” in the central bank’s policy approach and faulted current leadership for an erosion of credibility. Warsh criticised the Fed’s hesitancy to cut its benchmark rate, contending that delaying easing harms growth prospects and undermines the institution’s standing. Aligning himself with Trump’s repeated calls for lower borrowing costs, he said the president is “right to be pushing the Fed publicly.” To improve coordination between fiscal and monetary policy, Warsh urged creation of a new Treasury-Fed accord modelled on the 1951 agreement that formally clarified the Fed’s independence while allowing cooperation on managing the nation’s debt, now roughly US$36 trillion. His remarks sharpen the political debate over Powell’s stewardship as investors look to the late-July Federal Open Market Committee meeting, where markets expect the Fed to hold rates steady before possible cuts as early as September.