Kevin Warsh must move fast to undo the worst Fed mistakes in decades

President Trump hit the bullseye in selecting Kevin Warsh as the next Federal Reserve Board chairman.

In contrast to the failed tenure of Jerome Powell, Warsh is not political, and he is not an inflationist. He has declared many times that "I reject the discredited Phillips Curve notion that growth causes inflation." He believes we can return to a prosperous era of low inflation and high growth, as we saw under Paul Volcker in the 1980s and Alan Greenspan in the 1990s.

Powell never understood that.