Jerome Powell Steps Down as Federal Reserve Chair, Kevin Walsh Takes Over on May 15

According to The New York Times, on May 15, Jerome Powell stepped down as Federal Reserve chair, succeeded by Kevin Walsh. Walsh has proposed structural reforms including reassessing inflation models, reducing the Fed's asset holdings, decreasing forward guidance frequency, and strengthening coordination with the Treasury on bond portfolio allocation.

Markets are closely watching Walsh's first interest rate decision, with most officials currently opposing rate cuts and some discussing potential further hikes, setting up a direct conflict between policy direction and political expectations.