US EditionPowell says no plans to leave Fed until DOJ investigation concludes
Jerome Powell will stay as Federal Reserve chair until DOJ's criminal probe into Fed renovation and successor confirmation concludes, delaying President Trump's replacement plans.
- On Wednesday, the Federal Reserve maintained short-term interest rates at about 3.6%, while Federal Reserve Chair Jerome Powell stated he intends to serve as 'chairman pro tempore' until his successor, Kevin Warsh, is confirmed.
- President Donald Trump nominated Warsh to replace Powell, whose term ends May 15. Powell vowed he has 'no intention' of leaving the central bank until a Justice Department investigation related to his testimony is 'truly over.'
- Officials project inflation reaching 2.7% this year amid uncertainty from the Iran war, with policymakers forecasting only one rate cut for 2026. The unemployment rate ticked to 4.4%, with businesses shedding 92,000 jobs in February.
- Senator Thom Tillis is blocking Warsh's confirmation, asserting the criminal investigation of Powell is a pretext to influence interest rates. Meanwhile, prosecutors plan to appeal a ruling that quashed recent subpoenas.
- The mixed labor market signals—job losses offset by low unemployment projections—complicate the Fed's path forward as it weighs inflation pressures from the Iran war against economic cooling. Powell's tenure extension hinges on Warsh's Senate confirmation.
158 Articles
158 Articles
Justice Department probe of Powell could backfire on Trump and keep Fed chair in office
President Donald Trump has for months wanted to remove Jerome Powell as chair of the Federal Reserve. But instead, an investigation by one of his own officials could end up extending Powell's time at the top of the central bank even after his term formally ends May 15.
US President infuriated but powerless in front of the Fed's manager who has no intention of leaving his post until the inquiry into his successor Kevin Warsh is over
'President Boasberg' strikes again: Protects Powell, quashes DOJ...
On Friday, chief Judge James Boasberg of the U.S. District Court for the District of Columbia has blocked subpoenas issued by the Trump Justice Department to Federal Reserve Chair Jerome Powell and the Fed Board of Governor Boasberg claims that the subpoenas were served for an improper, pretextual purpose, and that "a mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower…
Washington, 19 Mar (EFE).- US president Donald Trump insisted this Thursday that the outgoing president of the Federal Reserve, Jerome Powell, is under investigation because of the high cost of the reforms of the headquarters of the central bank, after Powell communicated his intention to continue in office until the investigations against him are completed. “It is under investigation because it is building a building that will cost hundreds of …
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