Now that Kevin Warsh has been nominated as the next chair of the US Federal Reserve Board, it is worth asking how different a Warsh Fed would be from the current one.

President Donald Trump had made it clear that he wants a Fed chair who will push for lower policy rates to juice the economy and support his broader agenda. But Warsh has a history of monetary hawkishness, voicing concerns about the risk of excessive inflation even during the depths of the post-2008 deflationary cycle. Moreover, he is a mainstream Republican globalist who favours free trade and immigration, not a prote...