SARATOGA SPRINGS — Fresh off his confirmation as the chairman of the Federal Reserve System, Kevin Warsh has returned to the Capital Region to take in the Belmont Stakes.
Saturday’s 158th running is the third and final Belmont Stakes at Saratoga Race Course.
Warsh, a Shaker High School graduate and Loudonville native, was sworn into office on May 22. He was confirmed by the U.S. Senate earlier in the month after he faced a cascade of criticism from Democrats during his confirmation process. Democrats accused Warsh of acting as President Donald Trump’s “sock puppet” in Fed decisions; he dismissed the claims and has sought to reassure lawmakers that the Fed would remain independent.
Trump has repeatedly criticized Warsh’s predecessor Jerome Powell for his hesitancy to cut interest rates. Rising gas prices, unsettled financial markets and inflation concerns have led to recent doubts about whether Warsh might push the Fed to lower rates, the Associated Press reported. A jobs report in May showing strong gains appears to have narrowed the possibility of a rate cut in the near future.
Saturday is Belmont Stakes Day at the track and features a showdown between Kentucky Derby winner Golden Tempo, favorite Renegade and top contender Chief Wallabee.