On July 15th, according to Jinshi Data, U.S. Treasury Secretary Bessent suggested that Federal Reserve Chairman Powell should step down from the Federal Reserve Board when his term as chairman ends in May 2026. Bessent said on Tuesday: "Traditionally, the Federal Reserve Chairman also resigns from the Board when he leaves office. There has been a lot of discussion about a 'shadow Federal Reserve Chairman,' saying that it would cause confusion before the official nomination. I can clearly say that if the former Federal Reserve Chairman continues to serve on the Board, it could be very confusing for the market." Powell's term as a Federal Reserve Governor does not end until January 2028, which means that even if his term as Chairman ends next May, he may still remain at the Federal Reserve and participate in monetary policy making. Powell has repeatedly avoided responding to whether he will continue to serve as a governor. This silence complicates President Trump and his aides' decisions when adjusting the Fed's leadership next year. Bessent also said: "The formal process for determining the nomination of the next Federal Reserve Chairman has been launched, and there are many excellent candidates inside and outside the Federal Reserve." [Techflow TechFlow]