The takeaway is that markets aren’t pricing in any sort of “succession premium” tied to any one chairman. The glidepath of monetary policy — regardless of Powell’s successor — appears structural, anchored to the Fed’s backward-looking framework . If that holds, it would mark a break from recent history.

Investors are eager for a sense of where policymakers stand on the question of interest rate cuts after economic data this month showed they face a tricky dilemma between a weakening labor market and stubborn inflation.