The Federal Reserve may be entering a “Wash era”: the reform-minded leader nominated by Trump, in what could be the last meeting attended by Chair Powell, has shifted the focus from the path of short-term interest rates to a more far-reaching question—how Kevin Wash’s leadership will reshape the Federal Reserve. With the government deciding to pause the criminal investigation into Powell, Wash won support in the Senate Banking Committee vote by a narrow margin of 13 to 11, signaling a major shift in Fed leadership. At the hearing, Wash made clear that he is a “champion of systemic change,” showing a break from previous leadership such as Bernanke, Yellen, and Powell. He has previously criticized the Fed’s handling of inflation during the pandemic, indicating that he is more inclined to adopt supply-side analysis and may reassess how to measure and respond to price pressures, especially inflation sparked by tariffs.