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The Federal Reserve raised interest rates for the first time since 2023 under Kevin Warsh's chairmanship, less than four months after he took the job.
The complication is that President Trump had been trying to bend the central bank to his will, and it moved the other way. The case for this mattering rests on timing.
Less than four months in, Warsh faced the question every new Fed chair eventually confronts: does the institution bend or hold?
That answer, delivered this early in his tenure, sets the market's working assumption about how he runs the place. The read-through is political as much as monetary.
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