The monthslong drama over the leadership of the Federal Reserve is finally coming to a head.

Over the next few weeks, it will become clear whether the likes of JPMorgan’s Jamie Dimon have been right to worry that President Donald Trump will take actions that would weaken the Fed and spike interest rates. The other possibility: Immediate tension will fade and the market can get back to focusing on more familiar financial issues, such as artificial intelligence and the price of gold.

The criminal probe into Fed Chair Jerome Powell that broke open last weekend appears to have backfired politically on President Donald Trump. His top advisors have signaled that they are looking for an off-ramp.

U.S. prosecutors recently issued a subpoena to Powell for information about the Fed’s pricey building renovations, prompting Powell to respond on Jan. 11 in an extraordinary public statement. He denounced the probe as a pretext for undermining his independence.

Powell rallied enough support from Republicans to make clear to the Trump administration that a nominee to replace him would be in trouble if the probe doesn’t go away.

On Friday, top Trump officials went on TV and made the case to both the prosecutors and the Fed that it was time to put the fight to bed.

“The fact is that it’s a simple request for information,” said National Economic Council Director Kevin Hassett on Fox Business’s Mornings With Maria. “I’m sure the information will be forthcoming shortly, and then things will move forward.”

Treasury Secretary Scott Bessent expressed the same message later in the day on Kudlow. He said he hadn’t spoken to the top prosecutor in D.C., U.S. Attorney Jeanine Pirro,

But it is clear there are “some unanswered inquiries,” Bessent said, echoing Hassett. So if Pirro “gets some answers and the answers are satisfactory, then we can move on,” Bessent said.

Whether either side cooperates remains to be seen. The Fed may resist what it sees as a politically motivated line of questioning, and Pirro may not drop it. But Trump would benefit from a quiet end to the investigation. Right now he can maintain some plausible deniability that he didn’t order the probe, as he claims. But if he stops it, Trump’s role in ordering it is clear.

The next Fed chair will almost certainly prefer that the probe goes away, too. After all, a presidential administration that can threaten Powell can threaten his successor.

The Trump administration’s power to do just that will face thorough questioning on Wednesday, when the Supreme Court will hear the case involving Fed governor Lisa Cook. Trump attempted to fire her in August over allegations of mortgage fraud, which she denies. She is fighting for her right to stay on the board.

If the Supreme Court rules that Trump has the power to remove Cook, he can likely remove any Fed official. And probably will: Trump has said that he wants interest rates near-zero and has demanded the Fed’s board help him do that. Few economists believe that is warranted by an economy whose gross domestic product grew 4.3% in the fourth quarter. Bond yields would likely rise if investors believed no one would lift a finger to fight inflation any more.

The Supreme Court has already signaled that it’s likely to protect Cook, but any signs of wavering on Wednesday could make the market wobble.

Meanwhile, Trump’s wavering about who he will nominate to serve as the next Fed chair appears to be all but over. His list is down to four candidates: Hassett, former Fed governor Kevin Warsh, BlackRock executive Rick Rieder, and current Fed governor Christopher Waller.

However, the choice has always been between the two Kevins. Trump doesn’t want to screw up and get another Powell—someone who he thought was weak but turned out to be independent-minded. Trump’s putting loyalty first, and his relationships with Waller and Rieder don’t appear to be strong enough to pass that test.

Few in government have been more loyal to Trump than Hassett, but on Friday Trump said plainly that he didn’t want to lose his best economic advisor to the Fed. “I actually want to keep you where you are,” Trump told Hassett.

That means it looks like it’s Warsh’s race to lose, though as of Friday Trump hadn’t formally confirmed the choice. Trump “hasn’t shared his thoughts with me,” Bessent said late Friday. The White House press office told Barron’s it didn’t have anything to share, either.

Dimon and other top finance execs have said the market is a little more likely to respond well to a Warsh chair than Hassett, because Hassett will struggle to shake off the perception that he is a mouthpiece for Trump.

That means there’s little to do but wait. Trump has a big speech in Davos, Switzerland, on Wednesday. “I’d expect it that we would hear, have a decision either, before he leaves for Davos or when he returns,” Bessent said.

Or Trump could surprise us. The timing is up to him, and he could delay it for weeks or months. He could pick someone other than the Kevins.

But it looks like the waiting will be over sooner rather than later.