Powell stays on Fed board as Trump pressure backfires
Powell announced he will remain on the Federal Reserve board to see the DoJ probe through to a transparent close, denying Trump an immediate seat and delaying any broad reshaping of the central bank. The Fed meanwhile kept rates unchanged in an 8-4 vote, with three regional presidents dissenting and signaling they won’t support resuming cuts, underscoring continued independence from political pressure. Powell’s decision—framed as ensuring transparency and finality of the investigation—reflects a broader pattern where presidential pressure on the Fed backfires, and it leaves a vacancy timeline that stretches to 2028 unless openings arise.
