At a moment when institutional trust is the currency that moves markets, Kevin Warsh has assumed leadership of the Federal Reserve only to find that currency already in question. Hotter-than-expected inflation data in September 2026 has forced upon him the oldest dilemma in central banking: act decisively and risk appearing reactive, or hold steady and risk appearing indifferent. What is unfolding in Washington is less a debate about interest rates than a meditation on authority itself — on whether a new steward of a powerful institution can earn, under pressure, the credibility that cannot si