Jerome Powell

The question now is whether Powell's continued presence at the Fed will further inflame tensions between the administra- tion and the central bank

Jerome Powell said he plans to remain on the board of the Federal Reserve after his term as chair ends next month "for an undetermined period of time," citing the "unprecedented" legal attacks against the central bank by the Trump administration. "I worry these attacks are battering this institution and putting at risk the things that really matter to the public," Powell said at a press conference after the Fed announced its decision to keep its benchmark interest rate steady. Powell's decision to stay denies President Donald Trump a chance to fill a seat on the central bank's seven-member governing board with his own appointee. The Senate Banking Committee earlier approved Powell's successor as chair, Trump appointee Kevin Warsh, on a party-line vote. Powell would continue as a Fed governor, possibly until January 2028. U.S. Attorney for the District of Columbia Jeanine Pirro said on X Friday that her office was ending its probe into the Fed's extensive building renovations because

Wednesday will likely be a momentous day for the future of the Federal Reserve as Chair Jerome Powell could signal he will stay with the Fed even as a Senate panel is expected to confirm his replacement. Powell will preside over what will probably be his last meeting as chair and hold a news conference Wednesday afternoon, when he may say whether he will take the unusual step of remaining on the central bank's board of governors, even after his term as chair ends May 15. Separately, the Senate Banking Committee is scheduled to vote on the nomination of Kevin Warsh to succeed Powell. The nomination is expected to be approved on a party-line vote, and will then be taken up by the full Senate next month. President Donald Trump nominated Warsh, a former top Fed official, in January. Last year, Warsh echoed Trump's calls for the Fed to lower its key interest rate, leading many Democrats in Congress to question how independently he will operate as Fed chair. The Fed is widely expected to

US Justice Department closes probe into Federal Reserve renovation cost overruns, asks Inspector General to review expenses under Chair Jerome Powell

A leadership shift at the US Fed amid political pressure and policy debates could test central bank independence and shape global financial stability

The meeting, held at the Treasury Department in Washington, was aimed at ensuring banks were aware of the risks posed by Mythos

As the Iran war enters its fifth week and US gasoline prices rise to around an average of $4 a gallon, the Fed faces a potential squeeze between its two mandates of full employment and price stability

Fed's next move may ultimately be a hike, a possibility Powell acknowledged came up again in discussions this week - though that's not the base case for the majority of policymakers

"I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality," Powell said

US Attorney Jeanine Pirro vowed to appeal a ruling blocking subpoenas tied to Fed Chair Jerome Powell, despite fears a prolonged legal fight could delay confirmation of Kevin Warsh as Fed chief

US judge James Boasberg blocked subpoenas targeting Fed Chair Jerome Powell over HQ renovations, citing no evidence and an improper retaliatory motive

Trump said during the search for a new chair that he wanted a candidate who would lower rates, and later said he would not have picked Warsh if he'd advocated for increasing rates

US President Donald Trump has nominated former Federal Reserve governor Kevin Warsh to lead the central bank after Jerome Powell steps down in May

Trump has openly sought to shape Fed's rate policy through his appointments in an effort to find someone broadly acceptable to markets who'll also share his inclination to cut rates further and faster

After two weeks of intense political and legal scrutiny, the Federal Reserve will seek to make this week's meeting about interest rates as straightforward and uneventful as possible, though President Donald Trump probably still won't like the result. The central bank's interest rate-setting committee is almost certain to keep its key short-term rate unchanged at about 3.6 per cent, after three straight quarter-point cuts last year. Fed Chair Jerome Powell said after December's meeting that they were "well positioned to wait to see how the economy evolves" before making any further moves. When the Fed lowers its short-term rate, it can over time influence other borrowing costs for things like mortgages, auto loans and business borrowing, though those rates are also affected by market forces. This week's meeting - one of eight the Fed holds each year - will be overshadowed by the bombshell revelation earlier this month that the Justice Department has subpoenaed the Fed as part of a ..

Trump's shortlist includes National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder, current Fed Governor Christopher Waller and a former governor, Kevin Warsh

Trump has sharply criticized Jerome Powell, whose term as Fed chair ends in May, for not lowering interest rates fast enough

The Trump administration has opened a criminal investigation into Jerome Powell over cost overruns linked to a $2.5 bn project to renovate two historic buildings at the Federal Reserve's headquarters

Powell has been threatened with a probe over congressional testimony he gave last summer about the renovation of the Fed's headquarters

The US Justice Department has opened a criminal investigation involving Federal Reserve Chair Jerome Powell, a move that has sparked fresh concerns over the independence of America’s central bank.