New Fed chairman Warsh to lead first policy meeting

WASHINGTON — US Federal Reserve chief Kevin Warsh will chair his first meeting of the central bank’s rate-setting committee this week caught between a rock and a hard place. Inflation is at a three-year high but Warsh still faces unrelenting pressure from the White House to lower interest rates. The bank’s 12-member Federal Open Market Committee (FOMC) will begin a two-day meeting on Tuesday and is widely expected to hold rates steady as the effects of US President Donald Trump