Donald Trump’s nominee for Federal Reserve chair promised to bring a new inflation framework and regime change to the central bank on Tuesday morning—all while maintaining that the president’s economy was doing just great.

One bizarre exchange between nominee Kevin Warsh and Sen. Raphael Warnock (D-Ga.) during the former’s confirmation hearing was telling:

“If Professor Warsh were to assign a letter grade to the American economy today for the average working family, what grade would you assign?” Warnock asked.

“In modern academic institutions they give everyone A’s,” Warsh joked to a handful of laughs in the crowd. “If I give a student anything but an A, I would have been summoned to the dean’s office.”

While Warnock’s question had a peculiar frame—Warsh became a lecturer at Stanford University after resigning from the Federal........

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