The bond market is flashing a warning over Iran. A veteran of energy geopolitics explains the risk

Singh may have been appointed by a Democrat, but he isn't singing the party line. He began by praising Kevin Warsh , the conservative economist appointed by President Donald Trump and confirmed by the Senate on Wednesday to chair the Fed. The transcript of Singh's conversation has been edited for length and clarity. He spoke over Zoom on Friday. Q: How do you think Kevin Warsh will fare as Fed chair? Daleep Singh: I'm optimistic about Kevin Warsh. His intellectual work has been centered on how to sustain the Fed's most important asset, which is its credibility. That could not be more important at a time when the central bank is under political assault. I think he is going to be thoughtful and deliberate about judging the trade-offs that are necessary to preserve the independence of monetary policy, maybe to the detriment of other responsibilities the Fed once held. It's also super important to have a Fed chair who has been battle-tested. Warsh has been, through the global financial crisis. [Warsh was a Fed governor from 2006 to 2011.] He was credited by almost everyone as being the eyes and ears of the Fed into Wall Street, and how that was going in terms of transmitting the response to the real economy. People who dismiss him as reflexively partisan are missing a lot of what he brings to the table in terms of working across the aisle. Having said that, look, I do not think the Fed should be cutting rates in this moment. …