The turning point of the Federal Reserve: reshaping the interest rate structure under personnel changes According to Golden Finance, on April 28th, this week is destined to be of great significance for the Federal Reserve. After the US Department of Justice concluded its investigation into Powell, Republican Senator Tillis lifted his obstruction of the confirmation process for Federal Reserve Chairman nominee Walsh last Sunday. The Senate Banking Committee has scheduled the nomination vote for Walsh to take place at 10 pm Beijing time on Wednesday, clearing the way for a full Senate confirmation vote before the week of May 11th. After hours of advancing the nomination vote, the Federal Reserve will announce its April interest rate decision, and Powell will also welcome his 63rd and most likely final press conference as the Federal Reserve Chairman. If Walsh's nomination for Federal Reserve Chairman and Board of Governors is approved, Milan, who temporarily filled the vacancy, will be replaced, making him the shortest serving official since the 1950s. If unable to enter the Federal Reserve again in the future, Milan, who has been pushing for interest rate cuts, will attend its sixth and final Federal Reserve meeting this week. The current question is whether Powell will, as usual, relinquish his seat on the board of directors (which expires on January 31, 2028) at the same time as stepping down as Federal Reserve Chairman (whose term ends on May 15). If Powell chooses to leave immediately and another "personal member" appointed by Trump fills Powell's vacancy, Trump will have four self appointed members (Waller, Bauman, Walsh) on the seven member Federal Reserve Board, providing support for Trump's potential aggressive measures (including dismissing regional Fed chairs) to disrupt the traditional structure of the Fed. And Powell's ultimate choice will directly affect the pace and intensity of how Walsh or Trump reshapes the operation of the Federal Reserve.