On the season finale of Succession, Fed edition, there's just one last plotline left: Does Powell stay or go? Tillis hinted that Powell's threshold may be higher than his own, implying Powell would want to stick around for a few months until the probe has been fully extinguished. Beyond that, the case for leaving is straightforward: Warsh deserves room to lead, and staying on complicates the transition, hinders a reset, looks political. The case for staying is structural: Powell's seat going to a Trump appointee would hand the administration a working majority when the Fed has been under siege. Powell can protect it by showing up for a few board meetings a year. The personal cost of staying is small next to what the institution stands to lose. Says a former colleague: "History has a habit of sometimes being cruel, and it has conspired to put him in a circumstance where he has to make a difficult decision."(Nick Timiraos)