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Analyst: Powell is not stepping down, and Trump's plan to install two people into the Federal Reserve has failed.
ME News report: On May 15 (UTC+8), Sylvan Lane, Business Editor at The Hill, said that Powell promised that although his reappointment is unusual, he will stay “low-key” during his term on the board and will not become a “shadow chairman” challenging Wacht’s influence. If he follows through on what he said, Powell is likely to return to the Federal Open Market Committee and express his views on interest rates in a moderate way.
The U.S. Federal Open Market Committee is seeing growing differences over how to respond to an inflation surge triggered by Iran. Although Powell may no longer lead the Fed’s policies, due to the unique composition of the Federal Reserve Board, he could still have a significant impact on the Fed’s future. The seven members of the Federal Reserve Board each serve staggered 14-year terms. However, the length of the terms is not reset when a new director takes over from a departing one.
If Powell were to fully leave the Fed after his chairmanship ends, Trump could have nominated Wacht to fill Powell’s remaining term on the board, while keeping another seat on the Fed’s board open for another potential nominee. But the reality is that Trump can now only nominate Wacht to fill the director seat that Milan is temporarily occupying. (Source: Jin10)