Yesterday, Bessent: Eyeing Sometime in Fall for Discussing Next Fed Chair -- Powell's term ends in May 2026. Trump will not reappoint him (that is clear). Will Trump fire him? This is very messy (and unknown legally). The alternative, proposed last year by Scott Bessent, was to create a "shadow Fed Chairman." That is, appoint Powell's replacement months earlier. Then, let the nominee regularly go on financial TV (BB, CNBC, FBN, etc.) and "armchair QB" and critique every Powell speech and decision, thereby undermining his authority. Should we listen to the guy leaving next May (Powell) or the person who will be Fed Chair next May? Sounds like the Shadow Fed Chair is coming this fall.