Macro-financial risk
2026-04-26
10 minute read
10 sources
The Powell Succession: Fed Independence Under Stress in 2026
Jerome Powell's term as Chair ends on May 15, 2026. The succession contest, the legal architecture of removal, and a parallel Treasury debt management agenda will reset the price of U.S. duration, the dollar smile, and the global carry complex.
Powell's chairmanship expires on May 15, 2026, and the field of plausible successors clusters around Kevin Warsh, Kevin Hassett, Christopher Waller, Michelle Bowman, with outside cards for Marc Sumerlin, James Bullard, Larry Lindsey, and Jamie Dimon. The summer 2025 lawn tour confrontation, in which the President pressed Powell on the Ecc...