With Jerome Powell’s term coming to an end, Washington has entered one of its most consequential power struggles in years. Five candidates — each with radically different views on interest rates, inflation control, and the role of the central bank — are now competing for a position that will shape not only the U.S. economy but global markets for years to come. The stakes are enormous: the next Chair of the Federal Reserve will decide how aggressively to cut rates, how tightly to regulate the financial system, and how to navigate a world where debt is soaring and geopolitical tensions are rising. Investors, economists, and policymakers alike are closely watching every signal coming from the White House, knowing that this decision could usher in either a period of renewed growth or one of prolonged uncertainty.

The contenders for Fed chairman, from left: Kevin Hassett, Christopher Waller, Michelle Bowman, Rick Rieder, Kevin Warsh

The selection of a new Federal Reserve chairman comes at a…