When Kevin Warsh was sworn in as chairman of the Federal Reserve, he touted a planned policy regime change for America’s central bank and pledged not to repeat past mistakes. Four months-plus into his tenure, Warsh finds himself in the same boat as his predecessor: sticky inflation and the need for higher interest rates.

Warsh promised to be an independent leader, with high ethical standards, whom markets and the public could trust. That included a willingness to resist persistent calls for lower interest rates by the president who appointed him, Donald Trump.