Chairman Worshi [UPI=Yonhap News]

The new Chairman of the U.S. Federal Reserve (Fed), Kevin Worshi, was sworn in on the 22nd (local time).

Worshi took the oath of office at the White House, presided over by U.S. President Donald Trump, stating, "The Fed's mission is to promote price stability and maximum employment." He added, "By pursuing these goals with wisdom, clarity, independence, and decisiveness, inflation will be lowered and growth will be strengthened."

He continued, "In this way, America can become more prosperous and its international standing will be further solidified," emphasizing, "I will lead a reform-oriented Fed to accomplish this mission."

Worshi elaborated, "We will learn from past successes and failures, move away from rigid frameworks and models, and maintain clear standards for integrity and performance."

This is interpreted as a simultaneous declaration of his commitment to not being swayed by President Trump's pressure for interest rate cuts, while also showing willingness to respond to President Trump's demands for Fed reform, all by discussing the importance of Fed independence.

At the swearing-in ceremony, President Trump said, "I hope Chairman Worshi will be completely independent," adding, "He will restore confidence in the Fed."

This contrasts with his treatment of Worshi's predecessor, Jerome Powell, whom he did not hesitate to use insulting language against to pressure for interest rate cuts.

As Worshi is now beginning his term, this can be read as a statement of his intention to watch how well he lives up to his expectations.

President Trump stated that the administration fully supports Chairman Worshi, and also attributed the stock market's strength to investors' preference for Chairman Worshi.

Worshi's term is four years, and he will preside over his first Federal Open Market Committee (FOMC) meeting, where the U.S. benchmark interest rate is decided, on May 16-17. The market is closely watching the impact of Worshi's appointment on the Fed's monetary policy.

During his Senate confirmation hearing, Worshi emphasized the Fed's independence and stated his intention to decide monetary policy based on the Fed's own judgment, rather than the president's demands.

Former Chairman Powell, who clashed with President Trump throughout his eight-year term, remains on the Fed's board of governors. President Trump did not hesitate to use insulting language to pressure former Chairman Powell for interest rate cuts.

President Trump and Chairman Worshi (left) [Reuters=Yonhap News]