The Warsh era begins with soaring inflation, a Middle East energy shock bleeding into other parts of the economy and colleagues skeptical that rate cuts should come anytime soon.

Add on top: Kevin Warsh faces more political pressure to deliver lower rates than any other Federal Reserve chair in recent memory.

Why it matters: The 17th Fed chair, sworn in Friday at the White House, inherits a set of economic conditions that make it difficult to justify cutting rates.

Despite President Trump's unprecedented pressure on Warsh's predecessor, Jerome Powell, to cut rates, the president struck a different tone on Friday.

"Honestly, I really mean this: I want Kevin to be totally independent and just do a great job. Don't look at me, don't look at anybody.…