The Federal Reserve will not only lose its three top-ranking officials in the months ahead but also the more than three decades of experience they brought to policymaking.
In their place will be central bankers who could take quite a different approach to policy, a change the financial markets may not fully appreciate yet.
New York Fed President William Dudley became the latest Fed official to say he'll be leaving soon, announcing Monday that he'll be stepping down in mid-year. That comes just days after President Donald Trump said he will nominate Fed Governor Jerome Powell to take over the chairman's seat from Janet Yellen in February, and less than a month after the departure of Vice Chairman Stanley Fischer.
That in effect takes out the ruling troika of monetary policy since early 2014, a group that holds some 35 years of monetary policy experience.
The initial take on Powell is that he will largely carry on Yellen's work, with a dovish approach to interest rates and a desire to unwind the Fed's $4.5 trillion balance sheet in a gradual manner.
However, Trump still has a lot of work to do in terms of Fed vacancies.