Fed mouthpiece: Powell restricts Trump's ability to "unleash his power" at the Fed.

Nick Timiraos, a vocal critic of the Federal Reserve, reports that Fed Chairman Jerome Powell has stated he will continue as Fed chairman if a successor is not identified before his term ends on May 15. This is his most direct statement to date regarding the upcoming leadership transition at the Fed. Powell further stated that he will not leave the Fed Board of Governors as long as the Justice Department's investigation into him continues. Powell indicated he has not yet decided whether he will continue as a Fed governor if the investigation concludes and a successor is appointed. It is confirmed that Powell can serve on the Fed Board until 2028 after his term as chairman ends. Powell's decision has significant implications for Trump's ability to restructure the Fed. If Powell remains on the Board, Trump will lose someone he could have personally appointed. Currently, three of the seven members of the Fed Board of Governors were appointed by Trump.