The Powell Era ending. Jerome Powell’s term as Chair ends on May 15, 2026 (he can stay on as a Governor until 2028 and has said he would serve as acting Chair if needed until a successor is confirmed). President Trump nominated Warsh (a former Fed Governor) in late January 2026 to succeed him. The Senate Banking Committee is scheduled to vote on advancing the nomination on April 29, 2026 (tomorrow, as of this writing). If it advances (expected to pass on party lines with Republican support), the full Senate would then vote. Barring an unexpected reversal, Warsh is on track to take over around mid-May 2026 or in the following weeks. The process has momentum after the Tillis blockade ended. For the absolute latest, check Senate Banking Committee updates or major financial news outlets. Likely the final #FOMC meeting for Chair Jerome Powell. Thank you for your many years of service. Those who understand the role and its demands appreciate the work you have done. The market expects unchanged rates (0 BPS change) with 100% certainty at this moment.(Seth)