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The Fed’s Turning Point: Reshaping the FOMC Decision-Making Landscape Amid a Personnel Upheaval

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ME News, April 28 (UTC+8). For the U.S. Federal Reserve, this week is destined to be momentous. After the U.S. Department of Justice concluded its investigation into Powell, Republican Senator Tillis on Sunday lifted his obstruction to the confirmation process for the Federal Reserve chair nominee, Wosh. The Senate Banking Committee has scheduled the vote to advance Wosh’s nomination for 10:00 p.m. Beijing time on Wednesday, clearing the way for full Senate confirmation votes before the week of May 11. Hours after the advance nomination vote, the Federal Reserve will release its April interest-rate decision, and Powell will also hold his 63rd—and very likely his final—news conference as Fed chair. If Wosh’s nomination as Fed chair and board member is approved, Milan—who is temporarily filling the vacant board member position—will be replaced, making him the shortest-serving official since the 1950s. If Milan, who has long pushed for rate cuts and has since been unable to re-enter the Fed, will attend his sixth and final Fed meeting this week is the question now. The issue is whether Powell will, as is customary when stepping down as Fed chair (term ends May 15), also give up his board seat (expiring January 31, 2028). If Powell chooses to leave immediately and another “own man” appointed by Trump fills Powell’s board vacancy, Trump would have 4 of the seven Fed board members appointed by him (Waller, Bowman, Wosh). This would support efforts that could undermine the Fed’s traditional structure with potential aggressive moves, including removing regional Federal Reserve presidents. And Powell’s final choice will directly affect the pace and intensity with which Wosh or Trump reshapes how the Fed operates. (Source: JIN10)
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