Trump Needs Off-Ramp for Powell Feud to Speed Warsh Into Fed (1)

Before his new Federal Reserve chief can even begin pushing for interest-rate cuts, President Donald Trump may have to give up on punishing the old one.

Trump’s nominee, Kevin Warsh, would normally be expected to take charge when Jerome Powell’s term as chair ends in mid-May. But Powell is the focus of a criminal probe launched by Trump’s Department of Justice — an unprecedented move that riled up even some of the president’s allies in Congress, and left a key GOP lawmaker vowing to block all Fed appointments until it’s resolved.

Senator Thom Tillis is positioned to follow ...