[Gianluca Benigno] The chair who can't cut

On June 16 and 17, Kevin Warsh will lead his first meeting as Chairman of the Federal Reserve.

President Trump finally has the central banker he spent the better part of a year pursuing, confirmed in May by the narrowest Senate vote any Fed chair has ever received, 54 to 45.

And the first thing the new chair will almost certainly do is disappoint the man who appointed him.

He will not cut interest rates.

That is not defiance.

It is what the data now require.

When Trump chose Warsh in January, th ...