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The Wall Street veteran takes over from Jerome Powell at a challenging moment, with rising inflation complicating interest rate decisions.
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The Producer Price Index rose in April at its fastest pace in four years, government data showed, a day after consumer prices showed inflation was surging.
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The producer price index was expected to increase 0.5% in April, according to the Dow Jones consensus.
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President Trump has declared the cease-fire on "life support," and investors are taking a cautious approach as the economic effects of the war become more apparent.
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Rising gasoline prices pushed inflation to its highest level in almost three years in April. Consumer prices were up 3.8% from a year ago.
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