The Fed's 2026 outlook shows only one rate cut penciled in right now. But here's where it gets interesting—Jerome Powell's term wraps up in May 2026. If Kevin Warsh steps in to lead the Fed, we're likely looking at a different rate-cut trajectory altogether. More cuts would probably be on the table, and that could send shockwaves through gold and silver valuations. The thing is, markets don't wait around. They start pricing in this potential leadership shift way before Warsh actually takes the helm. So traders watching precious metals positions might want to keep their eye on this particular chess move.