Kevin Warsh was handpicked to lead the world’s most important bank, with a remit from U.S. President Donald Trump to do one thing: lower interest rates. Kevin Warsh was handpicked to lead the world’s most important bank, with a remit from U.S. President Donald Trump to do one thing: lower interest rates. “Warsh doesn’t know how to speak coherently about monetary policy,” said Benn Steil, a senior fellow and director of international economics at the Council on Foreign Relations. Instead, the Federal Reserve held pat, with three of the 12 voting members advocating for higher rates. And market prices will continue to respond in the direction and magnitude they see fit,” Warsh said.