Federal Reserve Chair Jerome Powell to Remain Indefinitely on Board

AI Summary

Jerome Powell, the Chair of the Federal Reserve (FederalReserve), announced he will continue serving on the Board of Governors indefinitely amidst a probe into the central bank's headquarters renovations. Powell's term as chair ends on May 15, but he retains two years left on his governor seat. His decision prevents President Trump from gaining a majority on the Board, which includes two other Trump appointees. Powell aims to maintain the Federal Reserve's independence, as he expresses concern over political pressures affecting monetary policy.