Nick is clearly hinting that if Powell doesn’t step down from his position as a Federal Reserve governor after his term ends this May and instead stays on the board to continue contributing, then Powell would essentially become the shadow chairman of the Fed. Also, the voting pattern from the Fed meeting announced early this morning is quite interesting—10:2. In other words, apart from Trump’s die-hard supporters, no one supports a rate cut. If Trump doesn’t compromise or make concessions with Powell for a TACO deal before May, even involving some exchange of interests, then the Fed will face an unprecedentedly complex situation, and the market could spiral into panic and chaos. However, given how much Trump cares about U.S. debt (like last year’s tariff war and the recent Greenland island purchase incident), a TACO deal is highly likely.