FOMC dovish +1, Milan seat goes to Wash, Trump's calculations are ringing true, but it seems the window for Powell's departure isn't that wide either?

ME News says that while Powell’s manner of staying on is unusual, he will conduct himself discreetly during his term on the board and will not become a “shadow chair” to challenge Waller. If he lives up to his words, he may return to the FOMC and express measured views on interest-rate matters. Although he will no longer lead policy, because of the board’s 14-year term and a misaligned structure, he will still influence the Federal Reserve’s future. If Powell were to step down, Trump could have nominated Waller to take over the remainder of the term and reserved a seat for a potential nominee, but in reality, Waller can only fill the Milan seat.