But if Trump thinks Warsh will be able to just push through aggressive rate cuts with ease, he might have an unpleasant surprise in store. Multiple voting members on the Federal Open Market Committee have expressed resistance to cutting further until there’s more evidence that inflation is definitively moving towards the central bank’s 2% inflation goal.

Moreover, the full group of Fed officials in December indicated they see just one more rate cut coming in 2026, then another in 2027. In the aggregate, that’s in line with market expectations, with futures traders pricing in two cuts this year and none next year.

Traditionally, though, the chair has been first among equals when it comes to voting on the FOMC, so Warsh may be able to tilt the group in at least a bit more dovish direction.

“We see Warsh as a pragmatist not an ideological hawk in the tradition of the independent conservative central banker,” Krishna Guha, head of global policy and central bank strategy at Evercore ISI, said in a note. “Because he has a hawkish reputation and is seen as independent, he is better placed to bring the FOMC along with him to deliver at least two and plausibly three cuts this year than some rivals.”

So while Warsh may prove an ideological ally of the administration, how that translates into action will be a key question.

“Analytically, we expect he will be strongly aligned with the Administration’s arguments that booming productivity will allow for neutral or accommodative rates even with robust growth,” wrote Tobin Marcus, head of U.S. policy and politics at Wolfe Research. “But it all depends how the data comes in, as we expect the rest of the FOMC will remain data-dependent and focused on the workhorse Fed models that Warsh has criticized.”

Warsh emerged from a competitive derby that one included 11 candidates, an array of past and present Fed officials, leading economists and a few Wall Street investment professionals including BlackRock fixed income chief Rick Rieder. That field was whittled down to five then four before Warsh emerged as the selection.

Trump made no secret of the most important criteria — a willingness to slash rates lower and keep them low. The president has expressed the importance of lower rates as both a way to help the moribund U.S. housing market and to help lower financing costs for the $37 trillion U.S. debt.

Before all that, he will have to be confirmed by a Senate during a ticklish political situation.

The Trump Justice Department has been investigating the massive renovation project at the Fed’s Washington, D.C. headquarters and has served Powell with a subpoena demanding information. Republican Sen. Thom Tillis has vowed to block any Trump Fed nominees until that situation is cleared up.

Once that hurdle is cleared, Warsh would face a full Senate on which Republicans still command a majority.

“The Warsh pick is likely to have broad support – Democrat economist Jason Furman is out early in favor – and he should be relatively easy to confirm in the Senate,” Guha said.