“When Kevin Warsh steps to the podium Wednesday for his first press conference as chair of the Federal Reserve, he will enjoy something his predecessor Jerome Powell lacked for years: breathing room from the president,” CNBC reports.“The new Fed chair will attempt to use that freedom to make his case internally for far-reaching change at the Fed, people who know him and closely follow the Fed said. Warsh’s reform agenda includes moving the Fed slowly toward the lower rates Warsh has endorsed as well as reducing the Fed’s multi-billion-dollar balance sheet and changing how it thinks about inflation. Making that happen will require carefully marshaling the extensive but not unlimited political capital that comes with his new position.”