Investors might not know it, but their exuberance is effectively buying the Fed more time to keep monetary policy steady. Evidence of market optimism is all around us. We’ve come full circle: The stock market has recovered from its April lows and is on pace to surpass highs last seen in February,

The clock is also ticking on the idea, with just seven Fed meetings until Powell's term expires. Trump does have an opportunity to name a Fed governor in February, when the term of Adriana Kugler expires, but that would potentially add a dissenting voice only a couple of months before Powell's term as chair ends.

President Donald Trump said he would choose a successor for Federal Reserve Chair Jerome Powell who wants to cut interest rates, a condition that would strike at the heart of the central bank’s independence.