President Donald Trump's choice for Federal Reserve chair, Kevin Warsh, may not immediately lead to significant policy changes, despite expectations that Warsh would quickly cut interest rates once he takes office. Warsh will face challenges such as rising gas prices, questions about his political independence, and the 11 Fed policymakers who have a vote on the rate-setting committee. He pledged to be independent from White House pressure but did not outline the direction he would take rates. Despite this, Wall Street investors see little chance for a rate cut until October 2027. The Fed typically keeps its short-term rate elevated to combat inflation, or even raises it.