Jerome Powell to Stay on US Fed Board After Chairmanship Ends
Jerome Powell plans to remain on US Fed's board after term as chariman ends next month
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Jerome Powell announced his intention to remain on the US Federal Reserve Board of Governors after his term as chairman ends on May 15. His decision comes amid ongoing legal scrutiny from the Trump administration, and he aims to support incoming chair Kevin Warsh while maintaining a low profile.
- 01Jerome Powell's term as chairman ends on May 15, but he will remain on the board until 2028.
- 02Powell's decision prevents President Trump from appointing a new member to the Fed's governing board.
- 03He aims to support incoming chair Kevin Warsh without exerting undue influence.
- 04The Federal Reserve has kept interest rates unchanged at 3.5%-3.75% amid rising inflation concerns.
- 05Ongoing geopolitical tensions in the Middle East are contributing to economic uncertainty.
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Jerome Powell, the current chairman of the US Federal Reserve, confirmed his plans to remain on the Board of Governors after his chairmanship concludes on May 15. This decision allows him to continue serving until his term expires in 2028, denying President Donald Trump the opportunity to appoint a new member to the seven-member board. Powell cited ongoing legal challenges from the Trump administration as a reason for his decision, stating he will wait for investigations to conclude before determining his departure. He emphasized his intention to support incoming chair Kevin Warsh while avoiding any attempts to act as a 'shadow chair.' Meanwhile, the Federal Reserve has decided to maintain interest rates at 3.5%-3.75% for the third consecutive meeting, as it navigates the impacts of rising crude oil prices and geopolitical tensions in the Middle East, which have introduced significant economic uncertainty.
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Powell's continued presence on the board may stabilize monetary policy during a turbulent period, affecting interest rates and economic forecasts.
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