00:00Trump's pick for the next Fed chair is likely to satisfy no one, not even the president himself.
00:05He long pledged to pick someone who would usher in easier policy, but Kevin Warsh is regarded as
00:11a hawk. That profile will make it next to impossible for Warsh to get along with the
00:16White House. It is, however, a relief to see someone other than Kevin Hassett,
00:21the director of the National Economic Council, in the new role. Why? Because he worked hard
00:27to cultivate Trump's trust, probably a little too hard. And around the world, not just in the U.S.,
00:34independent central banks lead to better outcomes for economies. They deliver lower inflation and
00:39borrowing costs and tend to foster the conditions for less volatile economic growth and thriving
00:46financial markets. That's particularly important at a time when the administration is already
00:57Warsh, who last worked as a Fed governor in 2011, is also likely to add some volatility. His instincts
01:03are likely to engender ongoing drama with the White House. At least a reality show like Search
01:09has now finally come to an end.
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