Jerome Powell to stay at Fed

Federal Reserve Chair Jerome Powell announced he will remain on the central bank's Board of Governors after his term as chair ends next month.

Powell stated his decision is intended to protect the Fed's independence following a series of political and legal attacks from the Trump administration.

The move effectively prevents President Trump from appointing a new governor to his seat until 2028.

This unprecedented decision complicates the transition for Kevin Warsh, who has been advanced by a Senate committee to succeed Powell as chair.