Federal Reserve Chairman Jerome Powell will remain in office after May 15. He cited legal issues and other factors that changed his previous plans for retirement. In what was considered his last press conference, Federal Reserve Chairman Powell said that his exit would not be according to a specific timetable.
Fed Chairman Jerome Powell denies exit after May 15
“I had been planning for a long time to retire,” Powell said. He added: “I think the things that have already happened in the last three months have left me no choice but to stay put to at least see it through that long.”
He indicated in his statement that he would stay as long as it took to deal with the issues at hand. He also acknowledged the nomination of Trump’s nominee, Kevin Warsh, who just received Senate confirmation today.
On Wednesday, April 29, Senate Banking Committee Submit a nomination for Warsh By 13 votes to 11 votes. “I want to congratulate Kevin Warsh on his graduation from the Senate Banking Committee this morning,” Powell said.
While his term is coming to an end, Powell said he will remain at the Federal Reserve. He added during the session: “I said that I will not leave the Board of Directors until this investigation is well and truly concluded, transparently and finally, and I stand by that.” press conference.
However, US President Donald Trump He threatened to fire Powell If he doesn’t resign by May.
Decision on interest rates and inflation expectations
In terms of policy, the Fed Leaving interest rates unchanged Rates ranging from 3.5% to 3.75%. At the same time, four officials objected to this move, which is the first time in decades that policymakers were divided.
Powell also discussed inflation. He pointed out that the personal consumption expenditures inflation rate is expected to reach 3.5% for the month of March, while the core personal consumption expenditures inflation rate is 3.2%. He said that short-term inflation expectations have risen, but long-term expectations target 2%. He also noted that the odds of raising and lowering interest rates remain roughly the same due to higher inflation.
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