Jerome Powell signaled a cautious stance on monetary policy on Monday, stressing that the U.S. central bank is well positioned to “wait and see” how rising oil prices linked to the Middle East conflict will impact inflation and the broader economy.

The Federal Reserve is facing a growing institutional crisis as a legal standoff with the Department of Justice raises uncertainty over its leadership and independence.

U.S. Treasury Secretary Scott Bessent said Tuesday there is a “very good chance” that President Donald Trump will announce a new Federal Reserve chairman before Christmas.

U.S. stocks edged lower Monday, on the final day of a positive September as investors look to comments from Fed Chair Jerome Powell for clues over future interest rate cuts, News.Az reports citing Investing.