Fed's Daly: Nominee Kevin Warsh Will Have His Own Views, But Economy May Bring Surprises

San Francisco Fed President Daly stated that Kevin Warsh may have a series of plans for major changes at the U.S. central bank, but like previous Fed leaders, once in office, he cannot foresee what economic surprises he may need to address.

"He will take office with a set of specific ideas about what he wants to think about and execute," Daly said at a meeting of the advisory board of the Fisher Center for Real Estate & Urban Economics at the University of California, Berkeley. "Then, the economy will present us with the tasks we actually need to handle; this is a process every Fed Chair, all Fed decision-makers, and the entire staff must go through."

As President Trump's chosen successor to Jerome Powell, Kevin Warsh has already expressed support for lowering interest rates in line with Trump's wishes.