Alright, the half-year-long debate over Powell's excessive renovation charges is finally coming to an end. Trump is once again TACO. If Trump doesn’t withdraw the accusations, Powell will definitely dig in and stay on the board without leaving, making it impossible for Waller to take office smoothly. But with Powell’s term ending at the end of April, there are only a few days left anyway. Guess Powell must be feeling pretty disgusted about the whole thing. If Waller can successfully take over, he’ll definitely cooperate with Trump on rate cuts in the early stages. But if the midterm election results don’t look good, Waller might gain the courage to implement his own ideas. In other words, the Fed’s independence might first weaken and then strengthen.