This week (May 11–15) is a critical “turning point week” for the Federal Reserve. Chair Jerome Powell’s term ends on May 16, with only five days left, and the U.S. Senate will hold a final vote on the nomination of Kevin Walsh as the next Fed Chair. The market expects Walsh’s nomination to pass with high probability, and the Fed’s policy focus may gradually shift toward a more balanced trade-off between inflation and growth. The latest data show U.S. nonfarm payrolls increased by 115,000 in April, well above expectations, with the unemployment rate steady at 4.3%, indicating a still resilient labor market. Although inflation pressures have eased somewhat, core PCE remains above the 2% target, making near-term rate cuts unlikely; expectations for higher-for-longer interest rates have strengthened. The market will closely watch Walsh’s remarks on inflation, employment and financial stability, which could affect pricing for the U.S. dollar, Treasury bonds and global risk assets.