Why Powell Won't Say if He Is Staying on the Fed Board
For the fourth time since summer, Federal Reserve Chair Jerome Powell declined Wednesday to say whether he will remain on the central bank's board after his chairmanship ends May 15."Again, I don't want to get into this," Powell said at a news conference after the Fed's latest meeting.The answer never changes. That is the point.Powell has this option because of a quirk of Fed governance. Chairs are confirmed to two posts: a four-year term as chair and a separate 14-year term as governor. Most leave when their chairmanship ends, but they don't have to. Powell's governor seat doesn't expire until 2028.The best-case scenario for the Trump administration is a public commitment from Powell to leave when his chairmanship ends. Senate confirmations take time, and without that signal, the administration can't plan a second nomination because they don't know if the seat is opening up. A clear answer from Powell would allow them to move on two nominees at once and lock in their preferred board c