Kevin Warsh Decides Not to Be Trump’s Toady

Poor Trump. He savored the end of Jay Powell’s term as Federal Reserve chair and looked forward to more of a loyalist in his appointee as Powell’s successor, Kevin Warsh.

To get the job, Warsh made all manner of tacit commitments to President Trump on lowering interest rates. But it took about a minute for Warsh to appreciate that his future lay with adhering to the norms of…