Jerome Powell Announces Departure as Fed Chair, Transitioning to Kevin Warsh
Jerome Powell To Exit As Fed Chair But Retain Board Seat - 'Will Leave When Appropriate'
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Jerome Powell confirmed he will step down as Chair of the Federal Reserve, with Kevin Warsh nominated as his successor by President Donald Trump. Powell will remain on the Fed board until an appropriate time, citing ongoing investigations related to a renovation case. He emphasized a smooth transition and independence for Warsh.
- 01Jerome Powell will resign as Federal Reserve Chair, with Kevin Warsh taking over.
- 02Powell intends to remain on the Fed board until the ongoing investigation is resolved.
- 03The Federal Reserve has maintained interest rates between 3.5% and 3.75%.
- 04Powell emphasized a non-intrusive transition process for Warsh.
- 05Powell's tenure as Chair lasted approximately eight years, marked by tensions with President Trump.
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Jerome Powell announced his resignation as Chair of the Federal Reserve during a press briefing following the Federal Open Market Committee (FOMC) meeting. He confirmed that Kevin Warsh, nominated by President Donald Trump, will succeed him. Powell intends to remain on the Fed board until an appropriate time, citing ongoing investigations related to the Fed building renovation case, although the Department of Justice recently closed its inquiry against him. Powell stated he would not interfere with Warsh's transition, emphasizing the importance of independent leadership. The Federal Reserve has kept interest rates steady in the range of 3.5% to 3.75%, amid rising inflation concerns linked to geopolitical tensions in the Middle East. Powell's eight-year tenure has been characterized by challenges, including criticism from Trump regarding the pace of interest rate cuts.
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The transition in leadership at the Federal Reserve may influence monetary policy and interest rates, impacting borrowing costs for consumers and businesses.
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