Trump is already causing a headache for his new Fed chairman, saying the central bank’s board is ‘hostile’ and ‘doing the wrong thing’

There are a few things that could make life easier for Kevin Warsh in his first few months at the central bank, and President Trump keeping to his lane is likely top of the list. The Federal Reserve has weathered unprecedented attacks from the White House since President Trump returned to office last year. Trump has, at various points, threatened to fire former chairman Jerome Powell, attempted to remove Governor Lisa Cook from post, resulting in a Supreme Court case, and launched a Department of Justice investigation into Powell—all amid a pressure campaign aimed at lowering rates. Speaking to CNBC yesterday, the president said of Warsh: “He’s a great guy and a great pro, and I know where he’d like to be, but he has to do what he has to do.” While flattery from the president may be a win for some, it’s not helpful for Warsh, whose credibility relies on him being viewed as independent. The suggestion that the president is in-the-know about what the chairman would like to do with rates is unlikely to be helpful. Trump’s attacks on the Fed’s independence meant that anyone Trump nominated for Federal Reserve chairman would be viewed as a “sock puppet”—meaning the early days of Warsh’s return to the central bank needed to be handled delicately to reassure markets and investors of the institution’s autonomy. Warsh, a former Fed Governor, has insisted he has made no promises to the president—or anyone else—about the path of monetary policy. Additionally, he told the European Central Bank Forum (following the U.S. Supreme Court decision in favor of Governor Cook) that the vibrancy of the American economy is “because of the constitutional design in the U.S.” Nevertheless, the president has continued to criticize the policy stance of the Federal Open Market Committee (FOMC) and vowed to continue the push to have Governor Lisa Cook removed. Although Warsh presented a unanimous view from the committe