President Trump backtracked on firing Powell after the president's comments caused stock markets to fall. However, it is almost certain that President Trump will not reappoint Powell when Powell's term ends in May.

Media reports indicate the leading candidates to replace Powell include Treasury Secretary Scott Bessent, former Federal Reserve Board Governor Kevin Warsh, and National Economic Council Director Kevin Hassett.

A more interesting question than who will replace Powell is why would anyone want to, since the next Fed chairman will likely face another Fed-caused meltdown.

The national debt is over 37 trillion dollars and rising. Yet few in Congress are serious about cutting federal spending. This puts pressure on the Fed to keep interest rates low to limit the cost of ongoing debt interest payments. So, the Fed continues monetizing the debt, pumping more money into the economy, weakening the dollar's purchasing power, and eroding the American people's standard of living. The Federal Reserve's low interest rate policy also distorts the market, leading to the bubble-boom-and-bust business cycle that has plagued the American economy since the last link between the dollar and gold was severed in 1971.