Institution: Under the leadership of Powell, the Federal Reserve may reform the implementation of monetary policy and its interaction with the Treasury Department.

The Oriental Concord Investment Research Institute stated in its mid-term outlook that the replacement of the Federal Reserve Chairman could open a new phase for the world's largest central bank. The institute stated, "Under Chairman Kevin Wash's leadership, the Federal Reserve may consider reforms, which could not only change the way monetary policy is implemented, but also the way the central bank interacts with the Treasury Department." Oriental Concord Asset Management stated that this is happening at a delicate moment, as the Federal Reserve must defend its independence in dealing with complex inflation, growth, and fiscal conditions. The asset management company said that given the Federal Reserve's dual mandate on inflation and employment, the most pressing challenge is determining where to set interest rates. "The current cycle is harder to interpret than in the past."