TLDR
- Jerome Powell says he will remain on the Federal Reserve board as a governor after his chair term ends May 15
- Powell cited legal threats and political pressure as reasons for staying, saying he had “no choice”
- The Fed held interest rates steady at 3.5%–3.75%, with four officials dissenting — rare in recent decades
- Trump’s Fed nominee Kevin Warsh cleared the Senate Banking Committee with a 13-11 vote on April 29
- Bitcoin slipped below $75,000 following the Fed’s hawkish tone from dissenting governors
Jerome Powell announced Wednesday he will stay on the Federal Reserve board as a governor after his term as chair ends in May, reversing his earlier plans to retire.
BREAKING: President Trump says Fed Chair Powell wants to stay at the Fed because “he can’t get a job anywhere else.”
“Nobody wants him,” Trump says. pic.twitter.com/O7itCV94q3
— The Kobeissi Letter (@KobeissiLetter) April 29, 2026
Speaking at what he called his last press conference as chair, Powell said events over the past three months left him with no option but to stay. “The things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through,” he said.
Powell specifically pointed to legal and political pressure on the Fed as his reason for staying. He said these pressures are threatening the Fed’s ability to set monetary policy without political interference.
The Trump administration previously opened a criminal investigation into Powell, then suspended it. However, officials left the door open to reopening the case if new facts emerged, adding to uncertainty around Powell’s position.
U.S. Attorney Jeanine Pirro said the matter would remain under review by the Fed’s inspector general. Trump himself has also threatened to fire Powell if he does not resign by May.
Powell said he will not leave the board until the investigation is resolved. “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality,” he stated.
Fed Holds Rates, Dissenters Stand Out
On Wednesday, the Federal Reserve kept interest rates unchanged at 3.5%–3.75%. Four governors dissented on the decision, which analysts described as unusual — the first time in decades policymakers have been this divided.
The dissenting governors pushed back against any guidance pointing toward rate cuts, adding a hawkish tone to the meeting’s outcome.
Macro analyst Matt Mena of 21Shares said the dissenters “threw a bucket of ice on the market’s pivot party.” He noted that the hawkish tone weighed on risk assets.
Bitcoin Reacts to Fed Decision
Bitcoin fell below $75,000 following the Fed’s announcement. Traders are now watching the $73,000 level as a potential retest target.
Mena added that markets may start pricing in a rate-cut pivot under incoming Fed chair nominee Kevin Warsh. He said if momentum returns, a move toward $85,000–$90,000 is possible.
On inflation, Powell said PCE inflation is projected at 3.5% for March, with core PCE at 3.2%. He noted short-term inflation expectations have risen, though long-term targets remain at 2%.
The Senate Banking Committee advanced Kevin Warsh’s nomination with a 13-11 vote on April 29. Powell acknowledged the vote during his press conference, congratulating Warsh on moving forward in the process.
