New Delhi, March 18 -- The Federal Reserve has a chair, a nominee to replace him, and no clear path to a transition.

Jerome Powell, who has led the world's most powerful central bank since 2018, sees his four-year term as chair expire on May 15. But Kevin Warsh, the former Fed governor that President Donald Trump nominated in January to succeed him, has no Senate confirmation hearing date. Legal battles, political maneuvering, and questions about Powell's intentions have made the road ahead murkier-and more drawn out-than the White House and investors would like.

If Warsh isn't confirmed by May 15, there are three plausible scenarios. First, the Senate could go on to confirm Warsh before the Fed's next meeting on June 16-17, and the tra...