Warsh has long been known as a hawk, but he's likely to approach his new role at the Fed differently than in the past.

Interest rates typically go up when a Fed chair steps down.

What would need to happen for the Federal Reserve to raise U.S. interest rates? If economic factors were the sole consideration, the answer would likely be "not much at all".

The central bank cut rates at its three previous meetings in an effort to support the job market. But with inflation still elevated, the Fed is cautious about additional rate cuts.

Mortgage rates could move sooner than many homebuyers expect but not because of interest-rate cuts — rather because of how the Federal Reserve manages itsbalance sheet. Federal Reserve Governor Stephen Miran said Feb.