The Globe and Mail reports in its Wednesday edition that President Donald Trump's nominee to chair the Federal Reserve said he never promised the White House to cut interest rates. An Associated Press dispatch to The Globe reports that Kevin Warsh, a former Fed official, said under questioning by the Senate banking committee: "The President never once asked me to commit to any particular interest-rate decision, period. Nor would I ever agree to do so if he had. ... I will be an independent actor if confirmed as chair of the Federal Reserve." Mr. Warsh"s comments came just hours after Mr. Trump was asked if he would be disappointed if Mr. Warsh didn't immediately cut rates and responded, "I would." The comments highlight the challenge for Mr. Warsh, 56, a financier and former Fed governor, whom Mr. Trump appointed in January to replace current Fed chair Jerome Powell. Democrats on the committee criticized Mr. Warsh for inconsistently supporting higher interest rates under Democratic presidents while advocating for cuts during Mr. Trump's tenure. Investors are closely monitoring the hearing to see how Mr. Warsh navigates Mr. Trump's demands amid rising inflation due to the war in Iran affecting gasoline prices.