The Fed beat has been dominated by a leadership transition. Trump nominated Kevin Warsh to replace Jerome Powell, whose term ended May 15. Warsh's confirmation cleared after the Justice Department dropped its criminal probe into Powell over the Fed's headquarters renovation, releasing Senator Tillis's hold. Powell will stay on as a governor through 2028, citing legal pressure on the central bank. His final meeting held rates at 3.5-3.75% and produced four dissents, the most since 1992. The Iran war has since complicated the path forward, with Kashkari warning a prolonged conflict could push policy toward hikes rather than cuts.