JPMorgan Chase & Co.’s Ilan Benhamou says it’s unlikely that Fed Chair Jerome Powell will be fired and that the stock market will start trading on expectations of the next chair anyway.

“I don’t think Powell will actually be fired, but it doesn’t matter at this point really, as the market will pretty soon realize he’s synthetically out and start pricing what the next Chair will do,” Benhamou said in a note to clients, Bloomberg reports.

“Whether it’s Hassett, Waller or Warsh, there’s no doubt the dove beauty contest will only intensify.”

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