Was Fed Chairwoman Janet Yellen’s Friday speech in Jackson Hole her swan song?

Some Fed watchers think that might turn out to be the case.

Yellen used her high-profile podium to give a robust defense of the regulations put in place under the Obama administration in the aftermath of the financial crisis. She disagreed with the position of President Donald Trump and Congressional Republicans that the regulatory burden is strangling lending and has hamstrung the economy.

Read:Yellen defends post-crisis bank rules under assault from Trump, Dimon

“Yellen’s decision to defend core regulations will strengthen the hands of those within the administration who do not favor her reappointment and likely reduces her chances of gaining a second term as chair,” said Krishna Guha, a former senior Fed staffer and now vice-chairman of Evercore ISI.

The Fed chairwoman’s remarks at the annual Wyoming-set central bank conference may not deter the deregulatory zeal of the Trump administration, but does highlight the challenges of “moving deregulation through regulatory agencies staffed with people who have strong memories of the financial crisis,” Guha added.

A spokesman for the Fed declined to comment on the speculation.

Paul Ashworth, chief U.S. economist at Capital Economics, agreed: “Yellen’s passionate defense of the post-crisis tightening of financial regulation isn’t going to go down particularly well at the White House.”

Before Jackson Hole, Fed watchers thought Gary Cohn, Trump’s chief economic adviser, was the favorite to become the next Fed chair.

But analysts noted that Trump is not likely to be very happy with Cohn either.

The New York Times reported that Cohn drafted a letter of resignation in the wake of Trump’s remarks about the violence at a Charlottesville, Va., white-nationalist rally. But Cohn told the Financial Times that he decided to stay on in the administration because he did not want to be forced out by neo-Nazis.

Former Fed governor Mark Olson urged Cohn not to accept the Fed job it Trump offers it to him.

“He might be one of the top financial market analysts in the world, but he’s a beginner at monetary policy, and you cannot come in as the chair of the Fed as a beginner and not understand the way monetary policy works,” Olson said on CNBC.

He pointed out that the last “beginner” who ran the Fed was G.William Miller, an investment banker appointed to the post by President Jimmy Carter. Miller led the Fed for a little more than a year in the late 1970s and “it did not go well,” Olson said.

Other candidates mentioned as possible replacements for Yellen are former Fed governor Kevin Warsh, Stanford economist John Taylor, and Columbia University economics professor Glenn Hubbard.