Powell’s silence is a control signal.

“Will he stay or will he go? It’s a question being asked on Wall Street as Fed watchers try to game out the makeup of the rate-setting committee and whether appointees of President Donald Trump will have control of the Fed’s powerful Board of Governors.”

His non-answer isn’t indecision; it’s a reminder that in 2026, even the timing of a central banker’s exit has become a lever of monetary power.