Powell's term ends on Friday, and Waller hasn't been sworn in yet—let old Powell hold the position for a few days first—this Fed transition process is quite smooth.

ME News update: On May 16 (UTC+8), the U.S. Federal Reserve issued a statement at 5:15 local time saying that before Kevin Wash is formally sworn in as Chairman of the Federal Reserve, the current Chair, Jerome Powell, will temporarily serve as the “Acting Chairman.” Powell’s term as Chairman expires this Friday. The Federal Reserve said: “During transitions between new and outgoing chairs, such practices are in line with past conventions.” (Source: PANews)