Waller is considered a potential successor to Fed Chair Jerome Powell, whose term concludes in May. Governor Christopher Waller is considered a potential successor to Fed Chair Jerome Powell, whose term concludes in May ( Copyright 2022 The Associated Press. Inflation, the central bank observed, "remains somewhat elevated," even as the job market has "shown some signs of stabilization." This follows three-quarter-percentage-point reductions during the central bank's final three meetings of 2025. The new chair is expected to be in place for the central bank's June 16-17 policy meeting, with investors currently anticipating rates to remain unchanged until then.