ANALYSIS: President Trump has said he may move up the announcement of Powell's replacement, with analysts looking for public debate among FOMC members for clues as to who is 'auditioning' for the role.

Trump claimed that Americans will be paying for Powell's "incompetence" for years to come, while the FOMC has maintained it needs greater clarity before lowering the base rate.

Fed Chair Jerome Powell told Congress he expects an inflation surge—but how long and how high is unknown.