What kind of Fed chair will Kevin Warsh be?

• The central question is how a potential Fed chair like Kevin Warsh would assert independence from presidential influence, particularly regarding interest rate decisions.
• Former Fed Vice Chair Richard Clarida humorously suggests that if Jay Powell wanted to complicate matters for his successor, he would cut rates to the committee's perceived destination, leaving no room for future action.
• The power of the Fed chair is primarily persuasion, as any individual, including Warsh, would only have one vote on the FOMC.

The discussion centers on the potential nomination of Kevin Warsh as Fed chair and how he would maintain the central bank's independence, especially given potential presidential influence on interest rates. The conversation explores the challenges of demonstrating autonomy and the power dynamics within the Federal Reserve.