New Delhi, Sept. 2 -- Investors are likely to learn that Kevin Warsh, the new Federal Reserve chairman, is a master of the Potomac two-step.

He won't be appearing on Dancing with the Stars, though, as this two-step describes how Washington officials say one thing and do another, while making everyone think they are taking positive action.

Even though Warsh just made hawkish comments about inflation, and many investors now expect that the Fed will soon increase interest rates, nothing of the sort is likely to happen before the Nov. 3 midterm election, based on my read of Washington and trading flows.

Rather than upsetting President Donald Trump ahead of competitive congressional elections that are critical to the administration's agenda...