New Delhi, Feb. 22 -- Every incoming Federal Reserve chair inherits an economy. Kevin Warsh, President Donald Trump's pick to next run the central bank, will also inherit a conflict.

The White House expects the Fed to lower interest rates, while the policymakers that Warsh may soon lead have just signaled that further easing is unlikely without firmer proof that inflation is under control.

Inside the Fed, the mood has turned hawkish, indicating a bias toward more restrictive monetary policy. Minutes from the January meeting show broad agreement around holding the federal-funds rate at 3.50% to 3.75% for some time, following last year's three rounds of easing. But several participants noted that they would have preferred language that ke...