The new year will bring big changes at the Federal Reserve, with major implications for borrowing costs, the housing market, and the overall economy.
In addition to major upcoming personnel changes, Fed policymakers have signaled that further rate cuts are unlikely until the spring. That sets up a renewed showdown with President Donald Trump, who has made clear his desire for dramatically lower interest rates.
Fed Chair Jerome Powell's term will expire in May, and Trump is expected to announce his nominee to fill the role in early January after narrowing the list to a handful of finalists.