India, May 23 -- Kevin Warsh was officially sworn in as the new chairman of the US Federal Reserve on Friday, in the backdrop of the equity markets responding with a surge, sending the Dow Jones Industrial Average to a new record high. The swearing-in ceremony, held at the White House, marked a pivotal transition for the central bank as it navigates an increasingly complex economic situation defined by inflation and the domestic repercussions of the ongoing US-Israel war in Iran.

US President Donald Trump, who handpicked the former Wall Street banker for the role, lauded Warsh as uniquely qualified, declaring that "no one in America is better prepared" to lead the institution.

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