New Delhi, April 30 -- How should you invest now that Kevin Warsh is almost certain to be the next Federal Reserve chair? The short answer: Stay the course.

Warsh is headed for Senate confirmation and is likely to take over from Jerome Powell in mid-May. His first meeting leading the Federal Open Market Committee will be in June. That should reveal his first concrete views on interest rates and other Fed policy.

For now, markets aren't expecting much to change in terms of rates. The Fed's rate policy is at the "high end of neutral" or "mildly restrictive," Powell said on Wednesday. Investors see an 89% chance that the federal-funds rate will remain in its current range of 3.5% to 3.75% by the end of 2026, according to the CME's FedWatch...