The Federal Reserve Board has named Jerome Powell Chair pro tempore, effective until Kevin Warsh is formally sworn in as the new Chair. The Senate confirmed Warsh, triggering a routine transition designed to maintain monetary policy continuity.
Prediction markets now price a 99.8% probability that Powell exits as Fed Chair by May 31, 2026. The sub-market for May 15 shows only 17% likelihood, suggesting markets expect the full timeline to play out.