Stephen Kates and Nationwide’s Ben Ayers break down the backdrop for the upcoming FOMC meeting as questions rise around a potential Fed leadership transition following the dropped probe into Jerome Powell. Markets remain priced for no rate cut, with the central bank expected to stay in wait‑and‑see mode amid geopolitical tensions and energy volatility. The pair note that sticky inflation could delay any move toward easing until later in the year, even if leadership changes materialize.