Nick Timiraos

Well, the big news is that Kevin Warsh will be the next Fed chair.

We've been waiting for months, really.

It was really, you know, a pageant.

It was like an episode of his old TV show, The Apprentice, I called it.

The Apprentice Fed Edition, because he had everybody sort of guessing.

They started with 11 candidates, and then they whittled it down to four that got to interview with Trump.

And there was some swirl of intrigue this week.

But in fact, the person that Donald Trump picked, Kevin Warsh, is the person that a lot of people thought was going to get it from the very beginning.

Kevin Warsh is a Fed insider turned critic.

He is an establishment Republican turned Trump supporter.

He spent five years at the central bank, beginning 20 years ago, so he knows the Fed.

But he's also been a vocal advocate recently for Donald Trump's policies.

The question I think a lot of people on Wall Street are going to ask in the coming days and weeks is, which Kevin Warsh ends up being the Fed chair?

And he was seen as just a very brilliant up-and-comer.

He married Jane Lauder, heiress to the Estee Lauder family fortune.

His father-in-law is Ron Lauder, who is a former classmate of Donald Trump's.

And in 2002, there was an economic advisor at the White House who calls up one of Warsh's old professors and says, hey, I need to hire a really smart, hardworking person.

Have you got anybody?

And the economist professor says to the White House advisor, I've got the guy.

He's brilliant.