Jerome Powell warned his successor to stay out of elected politics and offered other advice. Here’s what Kevin Warsh might do as Fed chair

Fed Chair Jerome Powell offered some advice to his successor at Wednesday’s Fed meeting.

“Stay out of elected politics. Don’t get pulled into elected politics,” he warned.

In fact, Powell and Fed officials overall have long avoided politics, though the Trump administration’s unprecedented pressure has drawn the Fed into a political maelstrom over central bank independence.

In the same breath, he encouraged the next Fed chair to build relationships in Congress, which...