Warsh a good choice for Fed Chair but now the hard part begins, says Fed's Roger Ferguson

• Warsh's past as a monetary policy hawk is highlighted, with skepticism about his recent dovishness being 'convenient.'
• A new Fed Chair would need to 'leave his dogma at the door' and learn from history, like Paul Volcker's approach to inflation.
• The market is expected to test Warsh's willingness to sacrifice economic growth to combat inflation, emphasizing the significant responsibility of the role.

The discussion centers on Kevin Warsh's potential nomination for Fed Chair, with analysts acknowledging his past hawkish monetary policy views. They emphasize the challenges he would face, including navigating Senate confirmation, building consensus within the Fed, and proving his independence, particularly in prioritizing inflation control over economic growth.