Nick Timiraos

It shakes markets' confidence that the Fed's going to be allowed to do its job.

And Warsh has not joined in sort of the concerns about Fed independence.

But when Warsh was a Fed governor in 2010—

Warsh gave a speech, an ode to Fed independence, and he said very clearly,

If central bankers care about anything, they should care about how history will remember them.

And you cannot have a White House that's calling the shots.

So Warsh's view is different today from what it was 15 years ago.

And a lot of people I talk to have questions about, well, which Kevin Warsh shows up at the Fed?

Is it the one who was very worried and kind of took the standard central banker line on Fed independence?

in 2010, or is it the one who last year sort of waved away the concerns about Trump's attacks and said, you know, the Fed has sort of brought a lot of this on itself?

This will be the most

unusual Fed transition in generations.

Kevin Warsh is promising complete disruption.

He's gone on Fox News calling for regime change.

But still, it now means there are questions about, well, what's the Fed going to do with their asset holdings?

Could they do something completely different?

What's he going to do with the Fed staff?

Is he going to fire a bunch of economists because, you know, we really don't need all these guys anymore?

Those are some questions we're going to get answers to, not right away, but certainly as the year unfolds.

Here's how you should think about it.