Will Jerome Powell stick around at the Fed? Here’s what insiders told us

Jerome Powell faces one of the most personal decisions of his career: step aside when his term as Fed chair expires May 15, or remain on the Federal Reserve's Board of Governors in a diminished role while Kevin Warsh takes the helm.

Powell's chair term is ending, but his separate term as a governor runs until January 2028. Insiders tell CNN that Powell has not yet signaled his intentions, and the decision carries significant implications. Remaining on the board would give Warsh a visible dissenting voice within his own institution — a former chair with deep institutional knowledge who might disagree publicly with the new direction. Stepping aside would give Warsh a cleaner slate but rob the Fed of experience during a volatile period.

Those close to Powell say he's weighing several factors: his legacy as the person who steered the economy through a pandemic and multiple banking crises, his sense of duty to the institution, and the personal toll of staying in a subordinate role after years of leading the Fed.

The broader context matters. Powell has been targeted by the Trump administration, which opened and then dropped a DOJ investigation into his conduct. The message was clear: the president wanted him out. Staying would mean working under that cloud.

**What This Means For You:** Powell's decision matters because it affects Fed continuity during a period of war-driven inflation and economic uncertainty. If he stays, expect occasional public signals of dissent that could create market volatility. If he goes, Warsh has a freer hand — which could mean faster policy shifts in either direction. Either way, expect clarity on this within days.