In short, Powell isn't going anywhere. He is the second-most powerful man in the US and one of the most powerful in the world. In my estimation he has done a great job, and even today (July 3) talk in the bond market justified the Fed standing pat on interest rates. After his term as ed chair is complete, he will still be a Fed governor until 2028, and he will keep that job because he will be useful, and also perhaps because he will be a burr under Trump's saddle.

There are few in the MAGA-style universe who could be nominated to the job of Fed chair without wrecking the economy at the behest of the fat orange criminal insurrectionist and golf cheat. Americans far and wide should thank Jay Powell for his work in keeping the US economy running well, despite what he has faced since 2020...