On April 30, the focus of 'Trump Economics' shifted from the relatively stable short-term trajectory of interest rates to a more profound question: what direction will the Federal Reserve take under Kevin Walsh, the nominee for Fed Chair by Donald Trump? This came on the day of what could be Jerome Powell's last meeting as Fed Chair. Walsh gained support in a narrow party-line vote of 13 to 11 in the Senate Banking Committee after the government decided to suspend a highly criticized criminal investigation against Powell. Krishna Guha of Evercore ISI told Flanders that based on Walsh's recent confirmation hearing, he is positioning himself as an architect of 'systemic change,' marking a break from the eras of Ben Bernanke, Janet Yellen, and Powell. Walsh has sharply criticized the Fed's inflation response during the pandemic, indicating his desire to reassess how policymakers model price pressures, relying more on supply-side analysis and potentially shifting towards alternative inflation indicators that downplay tariff-driven inflation surges.