The Supreme Court Might Be a Model for the New Fed: John Authers

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To understand what lies in wait for Kevin Warsh, who is likely to take the helm of the Federal Reserve in May, it might be best to go back more than 50 years.

In October 1973, the Federal Open Market Committee convened an emergency telephone conference and sent members their agenda in telegrams. Two weeks earlier, it had decided to try to push down the fed funds rate from its all-time record of 10.75%, but the central bank was finding that it couldn’t lower the rate with its tools of ...