Trump Predicts 15% U.S. Economic Boom Under His Fed Nominee Warsh

President Donald Trump said his nominee to lead the Federal Reserve could help push the U.S. economy to expand at an extraordinary pace of up to 15%, setting an ambitious benchmark that shows the political and economic expectations surrounding Kevin Warsh’s potential tenure.

Speaking in a Fox Business interview with host Larry Kudlow, Trump described Warsh as the “runner-up” during his previous search for a central bank chief and suggested it had been a mistake to appoint current Federal Reserve Chair Jerome Powell instead. 

The president expressed confidence that Warsh, if confirmed by the Senate, could significantly accelerate economic growth.

Trump said that if Warsh does the job that “he’s capable of, we can grow at 15%—I think more than that,” adding that Warsh is “a really high-quality person” who could help unlock stronger economic performance.

A Highly Ambitious Growth Target

Trump did not clarify whether the 15% figure referred to annual growth or another metric. 

Economists, however, note that such a pace would be far beyond modern historical norms. The U.S. economy is currently projected to grow around 2.4% this year, and over the past five decades, annual growth has averaged roughly 2.8%. 

Instances of growth above 15% have been extremely rare, with one of the most notable occurring in the third quarter of 2020 as economic activity rebounded sharply following pandemic-related shutdowns.

The president’s remarks suggest he expects an aggressive pro-growth approach from the central bank if Warsh takes the helm. Trump has repeatedly emphasized his preference for lower interest rates and has said during the search process that he would not have chosen Warsh if the nominee had supported raising rates.

Political Pressure and Confirmation Uncertainty

Trump’s administration also appears to be betting that stronger economic momentum could provide a tailwind ahead of midterm elections, which historically tend to be challenging for the party in power.

However, Warsh’s confirmation process may face obstacles in the Senate. 

Senator Thom Tillis, a Republican from North Carolina who is retiring, has said he would block any Federal Reserve nomination while the administration pursues a Justice Department investigation involving Powell and a renovation project at the Fed.

When asked by Kudlow whether the probe was worth delaying Warsh’s appointment, Trump downplayed the potential impact.

“I don’t know, we’ll have to see what happens,” Trump said. “I’ve been fighting Tillis for a long time.”

The president added that any delay would not significantly change his outlook, saying, “If it happens, it happens.”

Questions Over Inflation and Fed Independence

Trump’s comments also signal the balancing act that Warsh could face if he becomes Fed chair. A growth rate anywhere near 15% would typically raise concerns about overheating and inflation, particularly at a time when price pressures have remained stubbornly elevated.

Federal Reserve officials indicated in their December projections that they expect just one interest-rate cut in 2026, though financial markets are currently pricing in the possibility of two cuts this year. 

Trump, meanwhile, has consistently advocated for lower borrowing costs and has criticized Powell for keeping rates too high.

In the Fox Business interview, Trump said former Treasury Secretary Steven Mnuchin strongly backed Powell during the original selection process, a decision the president now regrets.

“My secretary of the Treasury wanted him so badly,” Trump said. “And I didn’t feel good about him, but sometimes you listen to people—and it was a mistake.”

Powell was later reappointed under former President Joe Biden, but he has increasingly become a target of Trump’s criticism. 

The president has openly pushed for rate cuts and has raised questions about the Federal Reserve’s independence, breaking with longstanding norms that typically shield the central bank from direct political pressure.

Warsh’s confirmation, if it proceeds, could mark a pivotal shift in the Fed’s policy direction—and potentially reshape expectations for both inflation and economic growth in the years ahead.