Quinton Webb

And then on the other hand, we had Stephen Moran, who is Trump administration economic advisor, who's on leave from that position to serve as a Fed governor.

And he actually dissented in favor of a bigger cut.

So he really thinks the Fed should go big in easing policy.

unquestionably going to factor more into Fed decision making in future.

So Chair Powell's term as chair is up in May, and markets are pretty convinced that his replacement will be Kevin Hassett, a close economic advisor to the president who has shown interest in lowering rates, making policy easier.

And then the Trump administration seems to be considering potential levers it could also pull to change the makeup of the

committee.

More broadly, we've just seen a willingness from the Trump administration, including Treasury Secretary Besant, to be much more vocal about what they perceive as the shortcomings of the Fed and its decision making.

And on both sides, the people who are hawkish and the people who are dovish, we have seen this kind of increasing willingness to be public and

voice your contesting opinion loudly, I think, because everyone feels they need to stake their position.

So we may see, at the very least, a kind of more contentious decision-making process in the months ahead, even before a change of the chair.