President Donald Trump nominated Kevin Warsh to be the next Chairman of the Federal Reserve, making clear that the choice had been conditional. If Warsh had suggested during his job interview that the policy rate needed to rise rather than fall, he would not have been selected, Trump said. The President wants rates cut — dramatically — and expects his nominee to deliver. What, then, does Warsh’s record tell us about how he might actually implement policy? Until he emerged as a potential successor to current Chairman Jerome Powell, Warsh had long been regarded as a monetary hawk. In September 2009, with the U.S. ... (full story)