In Washington and on Wall Street these days, the talk is not when, but how soon, John Snow will leave the US Treasury. He has long been expected to remain in the post for about a year: recent White House indications suggest he may go earlier.

Certainly, even with rumours circulating about Mr Snow's future, the White House has made no effort to provide public support. President George W. Bush has an ambitious economic agenda for his second term, including Social Security and tax reform. White House officials have spoken of the need for a new economic team to help push the policies through before congressional attention turns fully to the 2008 elections.