‘Trump doesn’t seem to grasp some basics of economics’: Steve Rattner 

President Trump wanted a new Fed chairman who would cut interest rates, but he does not appear to have gotten his wish. On Wednesday, Kevin Warsh presided over his first meeting as the new chairman of the Federal Reserve Board facing a variety of pressures. Warsh is facing an economy that has recently shown some signs of strength, a significant increase in inflation and suggestions from other members of the Fed's rate setting committee that the next change in interest rates may be an increase. Morning Joe economic analyst Steve Rattner explains what the Fed and Warsh are up against. 

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