The Globe and Mail reports in its Monday, Feb. 2, edition that in January, President Donald Trump praised Treasury Secretary Scott Bessent as "a real star." A New York Times dispatch to The Globe reports that Mr. Bessent's status, however, may be threatened if Mr. Trump is dissatisfied with Kevin Warsh as the next Federal Reserve chair. Mr. Bessent led the vetting process. Mr. Warsh has reinvented himself as an interest-rate-cutting "dove" after years of expressing caution about the inflationary risk of lowering borrowing rates when he was a Fed governor from 2006 to 2011. Mr. Warsh's true beliefs on inflation and interest rates are unclear, a situation that raises the possibility that the choice could haunt Mr. Trump and, therefore, Mr. Bessent. Renaissance Macro's Neil Dutta says, "The President risks getting duped." He says Mr. Warsh's dovishness "stems from convenience." He recalls that after the 2008 financial crisis, Mr. Warsh criticized then Fed chair Ben Bernanke for being too aggressive in stimulating the economy by lowering borrowing costs. Mr. Dutta notes that Mr. Warsh does not have the populist credentials that Mr. Trump publicly embraces. "A member of the MAGA movement he is not," he said.