PANews reported on June 29 that according to Jinshi, citing the Wall Street Journal, Trump talked to Warsh about replacing Powell in February and March this year, but Warsh advised Trump not to take any such action before Powell's term ends in May 2026. He has been critical of the Federal Reserve recently. In a speech in Washington, DC on April 25, he said that its "current trauma is largely self-inflicted" and called for a "strategic reset" to mitigate the loss of credibility and damage to the Federal Reserve's position.

But Warsh's past comments also suggest he could be hawkish on inflation, which could be a concern for a White House that is pushing for lower interest rates. A person close to the administration said Trump's enthusiasm for Warsh is cooling.