At the intersection of economic necessity and political will, Kevin Warsh finds himself positioned as the likely next steward of America's central bank at a moment when those two forces are pulling in opposite directions. Inflation data is signaling that higher interest rates may be unavoidable, yet the president who would elevate Warsh to the role has long viewed rate increases as an enemy of growth. The question now settling over financial markets is an ancient one dressed in modern terms: when institutional duty and political loyalty diverge, which path does a person of consequence choose?