Powell's way of stepping back is quite deliberate; he stays in the council but doesn't seek the spotlight—an old hand.

ME News reports that Powell's reappointment method is unusual, but he will act discreetly during his board tenure and not become a "shadow chairman" challenging Waller. If he follows through on his words, he might return to the FOMC and express moderate views on interest rate issues. Although no longer leading policy, his 14-year board term and misaligned structure still give him influence over the future of the Federal Reserve. If Powell departs, Trump could have nominated Waller to fill the remaining term and reserved a seat for a potential nominee, but in reality, only Waller can fill the Milan seat.