As we all know, since last Friday, the market has basically priced out the interest rate cut in September. With the early resignation of Federal Reserve Director Kugler on August 8 this week, Trump will nominate new candidates. I have roughly organized the nomination and appointment process: 1. Trump may announce the nominees within a few days in early August. The nominees need not be current directors or have specific backgrounds 2. The Senate will resume from its summer recess in early September (around September 2), and previously there were usually no scheduled Federal Reserve hearings 3. The Banking Committee will hold a hearing, and then the entire court will vote to confirm 4. Upon approval by the Senate, one can assume office and participate in FOMC voting Considering that the Senate is on vacation, a slight difference in the approval process will not catch up with the meeting on September 18th. This may be one of the reasons why Trump said a few days ago that he hoped the senators would give up the adjournment and continue to work. He really wants to do too much. If the people arranged by Trump cannot be in place in time, the interest rate cut in September may even be uncertain.