This is a good question. The expiration date of Powell is after May 2026. Powell has been re elected once. If he is re elected, he needs to be nominated by Trump. If he is re elected, he will continue to be re elected. If he is not re elected, he needs to be confirmed by the Senate. Usually, the handover will take place from May to June. The problem now is that the relationship between Trump and Powell seems to have eased. After all, Trump was also nominated by Trump at the earliest. Now Trump does not need to ask the Federal Reserve to cut interest rates, so it is also in line with Powell's policy. But on the whole, it is no problem to achieve next May.