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  S&P 500 Flattens on Report of Waller as Trump's Preferred Fed Chair Pick Key Takeaways Key Point Details Market Impact S&P 500 trimmed early gains Thursday amid Fed independence concerns Leading Candidate Christopher Waller's odds surged to 51% on prediction markets Policy Stance Waller recently dissented, voting for 25bp rate cut Timeline Fed chair selection expected before Powell's term ends in May 2026 Eliminated Candidates Treasury Secretary Scott Bessent no longer under consideration Market Reaction: S&P 500 Loses Steam on Fed Chair Speculation The S&P 500 gave up its morning gains Thursday after reports surfaced that Christopher Waller emerged as Trump's top pick for Federal Reserve chair. Markets don't like uncertainty, and this news created exactly that kind of worry among investors. I've seen this pattern before during my years watching Fed transitions. The market initially celebrates any clarity on leadership picks, then qui...