Jerome Powell announces plan to remain in Federal Reserve board, ‘nobody wants him’ retorts Trump

“I worry that these attacks ​are battering the institution and putting at ​risk the thing that really matters to the public, which is the ability to conduct ​monetary policy without taking into consideration ​political factors,” Powell told a news conference after his ‌last ⁠policy meeting as chair.

“Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else – Nobody wants him,” Trump retorted via Truth Social.

This will mark the first time that a Fed chair has remained remain on the board as a governor since 1948. Powell also said that he would only leave the US central bank when he “thought it’s ‌appropriate to do so”. It is pertinent to note that his term as a member of the seven member board of Governors runs through January 2028 — near the end of ⁠Trump’s presidency. The President has previously threatened to fire Powell if he stays on as a Fed governor.

Fresh hurdles for Trump?

The developments came even as his Trump-designated successor cleared the Senate Banking Committee on Wednesday afternoon. Kevin Warsh could be confirmed by the full Senate as soon as two weeks from now — just before Powell’s term as central bank chief ends on May 15.

Trump has been vocal in his calls for the US Federal Reserve to lower interest rates and attacked Powell repeatedly over the past year. He has also threatened to dismiss the Fed chief for not following his directive on cutting interest rates — calling Powell a “numbskull” and a “major loser” in public. The POTUS assured Fox Business last week that he expected a change “when Kevin gets in”.

“I want my new Fed Chairman to lower Interest Rates if the market is doing well, not destroy the market for no reason whatsoever…The United States should be rewarded for success, not brought down by it. Anybody that disagrees with me will never be the Fed Chairman!” he had claimed via Truth Social in December 2025.

But Warsh is likely to face multiple hurdles if confirmed to lead the US Federal Reserve.

The US-Israeli war against Iran has sent global oil prices careening — with the average gasoline price up 40% to almost $4.23 a gallon in the US since February 28. Powell said that data released on Thursday ‌is also expected to show that the inflation index used ​by the Fed to set ​its 2% inflation target increased ​3.5% on an annual basis as of March. The combination of import tariffs and high energy costs could feed further into underlying or “core” inflation that would make the central bank’s inflation fight harder. According to reports, investors are discounting the likelihood of lower rates until well into 2027. And a growing number boosting bets that rates may need to move ​higher.

Wash will also need to convince his colleagues — particularly the three regional bank presidents. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan “did not support inclusion of an easing bias in the statement at this time” and issued dissents on Wednesday.

Warsh clears key hurdle toward Senate confirmation vote

Trump’s pick to lead the Federal Reserve also cleared a key procedural hurdle on Wednesday — opening a path for him to succeed Powell next month amid the White House’s unprecedented efforts to exert control over the world’s most powerful central bank. The Senate Banking Committee voted 13-11 along party lines to advance Warsh’s nomination to the full Republican-controlled Senate, which is expected to confirm him in a vote held the week of May 11.