What to know:
- Jerome Powell said he will remain on the Federal Reserve Board as a governor after his term as chair ends in May, despite his desire to keep a low profile.
- Powell said he is staying in part because he fears legal and political attacks are undermining the Fed’s independence and its ability to conduct monetary policy free of political influence.
- Although the Trump administration suspended its criminal investigation into Powell, officials left open the possibility of reopening the case, contributing to concerns that he could still face legal pressure.
Jerome Powell, the current head of the Federal Reserve, will remain on the central bank’s governing board as a Governor even after his term as chair finishes in May.
After the central bank decided to keep interest rates unchanged on Wednesday, Chair Powell addressed reporters. He explained that a lawsuit against the bank is one reason he’s remaining in his position, though he intends to generally stay out of the public eye.
As an analyst, I’m concerned these ongoing attacks are damaging the Federal Reserve’s reputation and, more importantly, jeopardizing its independence. What the public truly relies on us for – conducting monetary policy based on economic factors, not political pressure – is now at risk, and that’s something I take very seriously.
Although President Trump’s administration ended its criminal investigation of Powell, the case wasn’t completely closed. Jeanine Pirro, the U.S. Attorney for Washington D.C., stated that the Federal Reserve’s inspector general would continue to monitor the situation, and prosecutors could restart the investigation if any new evidence came to light.
The statement, and subsequent comments by President Trump and his team, suggested that Powell might still be subject to legal challenges. Powell explained that while he wished to resign, he felt he had no other option but to remain in his position.
Fed leave rates unchanged
As expected, the Federal Reserve held interest rates steady. However, what really caught my attention was the dissent from three Governors. They pushed back strongly against any suggestion of future rate cuts, and that definitely cooled off the market’s optimism about a potential policy shift. This hawkish stance put pressure on riskier assets, and we saw Bitcoin dip below $75,000, with traders now anticipating a possible retest of the $73,000 level.
Looking ahead, attention is turning to possible changes in policy. According to Mena, markets might start anticipating interest rate cuts, particularly if Kevin Warsh changes his stance, and the CLARITY Act is passed soon. If positive momentum returns, Bitcoin could quickly rise to between $85,000 and $90,000.
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2026-04-29 22:33