New Delhi, March 12 -- 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 US 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 globalist who favours free trade and immigration, not a protectionist-nativist MAGA ideologue.

So, why did Trump choose him? Aside from the need to calm markets spooked by his attacks on Fed independence...