Powell Vows to Stay at Fed After Term Ends, Citing Trump’s Legal Attacks

Federal Reserve Chair Jerome Powell said he plans to remain on the central bank’s board after his term as chair ends next month. He gave no clear end date, saying he would stay for “an undetermined period of time.” Powell’s decision comes in response to what he called “unprecedented” legal attacks against the Fed 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. The Fed had just announced it would keep its benchmark interest rate steady. Powell’s remarks mark a rare, direct defense of the central bank’s independence. His continued presence on the board ensures that the Fed will retain an experienced leader even after his chairmanship expires. The move is likely to fuel further debate over the White House’s influence on the nation’s monetary policy.