Alex Frangos

Powell's term's up in May.

I mean, what's the difference, right?

But he would continue to serve on the board as a board member for another two years.

So there's the possibility that gets undone.

The big implication is for his successor, whether it's one of the Kevins, Kevin Hassett or Kevin Warsh, who are the top candidates to replace him.

They now have to go in thinking, well, I want to be independent.

But look what happened to the guy before me.

Exactly.

Well, he's not fired.

They didn't say he's fired and he's not indicted.

This was questions from a grand jury.

Powell came out fighting, put out the statement saying he's not going anywhere.

So there's no indication that this is going to make a change for the meetings upcoming.

But over all of this is that there's the Lisa Cook case.

There's the other Fed member who Trump is trying to fire, whose case is going before the Supreme Court.

And that's going to set a very big precedent about...

how much the president can, in fact, exert this power to remove a Fed chair or a Fed board member.

Yeah, and I mean, so far it's very early and we'll see how the day plays out.

Sometimes it takes a little while for markets to digest something like this.

But yeah, so far it's negative.