New Fed Chair Warsh Hires Paul Winfree — 'Regime Change' at Federal Reserve Accelerates Ahead of June 16-17 First FOMC

Around June 3-5, 2026, Federal Reserve Chair Kevin Warsh — sworn in May 22, 2026 — hired Paul Winfree, who had written an influential blueprint for restructuring the modern Federal Reserve. Winfree's addition to the Fed is seen as part of Warsh's 'regime change' agenda, escaping what Warsh described as 'static frameworks and models' at the central bank. Winfree has previously argued the Fed's dual mandate (price stability and maximum employment) should be narrowed to focus exclusively on price stability — a position that aligns with Trump's preference for a Fed more responsive to executive priorities. The hire came less than two weeks before Warsh's first Federal Open Market Committee (FOMC) meeting as Chair on June 16-17. Warsh inherits a challenging economic environment: April CPI at 3.8% year-over-year (three-year high), April PPI at 6% y/y driven by Iran war energy costs, markets giving less than 3% odds of any 2026 rate cut, and 10-year Treasury yields at ~4.47%. Former Chair Jerome Powell remains on the Fed Board as an ordinary governor, providing an unusual dynamic heading into Warsh's first FOMC.