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.

The next US Federal Reserve (Fed) meeting is scheduled for September 16-17, 2025. The meeting will conclude with an interest rate decision announcement on September 17, which will be followed by a press conference from the Fed Chair.

Now that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House’s demands.