After eight years, Wednesday will be the last time that Powell steps up to the podium as Fed Chair. It’s also the day that Kevin Warsh will be voted out of the Senate Banking Committee to the full Senate. He will be in place as Fed Chair at the Fed’s June meeting. Against the backdrop of extraordinary pressure from the President, there is nothing normal about this transition in leadership. But for all the talk of regime change, Wednesday is more likely the start of a test than the end of an era. I was tempted to call Wednesday “the end of an era” at the Fed. Warsh’s calls for regime change, if successful, would roll ... (full story)