Jerome Powell said on Wednesday that he will retain his position on the Fed Board of Governors after his term as Chair ends on May 15. Kevin Warsh is set to succeed Powell and received confirmation from the Senate Banking Committee earlier today.
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Trade QQQ with leverage“I will continue to serve as a Governor for a period for time to be determined,” Powell said. “I plan to keep a low profile as a Governor.” Powell’s term as Governor ends on January 31, 2028.
Dissents Surge as Fed Holds Rates Steady
The Fed voted 8-4 to maintain interest rates between 3.50% and 3.75% today. The number of dissents was the most since 1992. Fed Governor Stephen Miran sided with a 25-bps reduction, while the remaining three dissenters were in favor of a rate pause but against an easing bias.
Powell noted that events during the past three months solidified his decision to stay on the Fed, likely alluding to the Department of Justice’s investigation against him and Fed Governor Lisa Cook.