Powell just dropped the mic at his final presser as Fed Chair.

"After May 15th, I'm staying on as a governor but keeping a low profile."

Translation: He's not disappearing, but he's stepping back from the spotlight. New chair takes the heat while Powell watches from the sidelines.

Markets need to price in the transition risk. New leadership = new policy tone = potential volatility.

The era of Powell Put might actually be over. Watch how the next chair handles the first real crisis.

May 15th is the date. Mark it.