Jerome Powell has officially stepped down as Chair of the U.S. Federal Reserve, ending a tenure marked by the pandemic and economic recovery. The move aligns with prediction market expectations, which had priced a 99.9% probability of his departure by May 31, 2026.
Attention now turns to President Trump's nominee, Kevin Warsh. The Senate Banking Committee will hold confirmation hearings, a process seen as critical for the future direction of U.S. monetary policy. Despite the leadership change, markets show little expectation of an immediate rate cut, with odds for a June 2026 cut hovering near zero.