Kevin Warsh betting to replace Powell (blue) has been surging today. To be clear, Trump would be nominating a replacement Fed governor, and I believe it will happen soon (within the next few weeks) with Trump demanding that the Senate approve this nomination before the September 17 FOMC meeting. This would ensure three Governor votes to cut rates. It would be understood that this person would also be Powell's replacement, which would require a second nomination and confirmation at a later date.(Jim Bianco)