The Fed Chair seat is still Powell’s — but maybe not for long.

His term runs until May 2026… yet political winds are shifting fast.

And now, with Governor Adriana Kugler stepping down early, the chessboard just changed.

Here’s what’s moving behind the scenes:

The administration is preparing to name a new nominee soon.

Shortlist includes Christopher Waller, Kevin Hassett, Kevin Warsh.

All known for very different takes on interest rates and monetary policy.

Why markets are watching closely:

Trump wants lower rates - which could weaken USD and loosen liquidity.

That shift would ripple through bonds, equities, and even stablecoins like $USDC .

$BTC and other risk assets could see fresh demand if rate cuts hit sooner than expected.

Traders are already gaming scenarios — because when the Fed’s leadership changes, so do the rules of the game.