Jerome Powell's term as Fed Chair ends May 15th, and his likely successor Kevin Warsh is poised to walk into the most fractured Fed since 1992. In this episode, we're breaking down what actually happened at Powell's final meeting, who the dissenters were and why, and what it tells us about the Fed Warsh is about to inherit.

But the bigger question we're wrestling with is this: what does Kevin Warsh actually want to do? He's been remarkably vocal for 20 years about his views on monetary policy, and his philosophy represents a real regime change — a more unified Fed, less hand-holding of markets, a smaller balance sheet, and a return to the Fed staying in its lane. We walk through who actually sits on the FOMC and how voting works, what quantitative easing really is and why we started doing it in the first place, the difference between monetary and fiscal policy (and why people keep confusing the two), and why "lower rates" doesn't mean the same thing to all people — including why a Warsh Fed could theoretically deliver a cut to the Fed funds rate alongside higher mortgage rates.

We also get into the so-called "Chairman's Curse" — the eerie pattern of catastrophe that has marked nearly every Fed chair transition in modern history — and what event-day risk around FOMC meetings might look like under a chair who wants to communicate less, not more. Plus: Powell's surprising decision to stay on as a governor and the uncomfortable question nobody wants to ask out loud — if we're never going to take our medicine on the deficit, what is the role of the Federal Reserve actually supposed to be?

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