What Does Kevin Warsh’s Nomination Mean for the Fed?

President Donald Trump has badgered Federal Reserve Chair Jerome Powell ceaselessly — and unsuccessfully — for aggressive interest rate cuts despite the fact that US inflation is still overshooting the central bank’s target.

With Powell soon to step aside, Trump has picked Kevin Warsh to replace him. Warsh is a loyalist who’s declared his alignment with Trump’s views on monetary policy. That doesn’t mean the Fed is about to fall in line with the president’s economic agenda.