Overview

• Prediction markets list Kevin Warsh, Kevin Hassett and Christopher Waller as top contenders to succeed Jerome Powell.
• Treasury Secretary Scott Bessent is vetting Vice Chairs Michelle Bowman, Philip Jefferson and Dallas Fed President Lorie Logan for the role.
• President Trump nominated Stephen Miran to fill the board seat vacated by Adriana Kugler’s August resignation, pending Senate confirmation.
• Recent dissents from FOMC members Waller and Bowman have fuelled market odds for a September rate cut under potential new leadership.
• Strict legal protections against removing a Fed chair and ongoing probes into the Fed’s $2.5 billion headquarters renovation limit efforts to unseat Powell before his term ends in May 2026.