New Delhi, April 25 -- US President Donald Trump has signaled his expectation that his nominee for Federal Reserve chair will swiftly reduce interest rates upon taking office. However, consumers should not anticipate immediate relief for mortgages, auto loans, or business credit.

The likelihood of Kevin Warsh securing the chairmanship by May 15-when Jerome Powell's term expires-surged Friday. This followed an announcement from U.S. Attorney Jeanine Pirro that she is dropping an investigation into Powell regarding his testimony on Fed building renovations.

Even if confirmed, Warsh faces significant obstacles to cutting rates, including surging gas prices fueling inflation and skepticism regarding his political autonomy. Furthermore, he m...