Weekly Market Pulse: The Lamest Of Ducks

2025-07-21 06:05:00 ET

Jerome Powell’s tenure as the Chairman of the Federal Reserve has ended. Not literally, of course, because apparently Scott Bessent has, for now, talked President Trump out of firing him. But despite that reprieve, there are now several Chairmen of the Federal Reserve, none of them named Powell. He is the lamest of ducks. A lame duck, literally, is a duck that is unable to keep up with the rest of the flock and is, therefore, vulnerable to predators. Jerome Powell has already fallen to his stalkers, whose names include Kevin Warsh, Christopher Waller and Kevin Hassett. There may be more but these have been deemed by the chattering classes as the most likely to officially succeed Powell. And in a way, they already have....

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