Jerome Powell Ends Fed Chair Term Amid Trump Pressure and Political Tensions

Jerome Powell’s term as Chair of the US Federal Reserve concludes on May 15, 2026, marking the end of a tenure defined by intense political pressure from President Donald Trump. Throughout his leadership, particularly during Trump’s second term, Powell faced aggressive demands for sharper interest rate cuts, which he resisted to preserve the central bank’s independence. Trump publicly criticized Powell, dubbing him “Too Late Powell,” and even threatened to fire him, while launching an investigation into Fed headquarters renovations that found no wrongdoing. Powell will remain on the Board of Governors but will be succeeded as Chair by Trump appointee Kevin Warsh, whose confirmation was delayed until the investigation was suspended. Experts highlight Powell’s legacy as a defender of institutional autonomy against political interference. The transition occurs amidst broader concerns about the Fed’s independence, including the recent firing of Governor Lisa Cook. Powell’s final press conference emphasized the risks political attacks pose to effective monetary policy, underscoring his commitment to keeping economic decisions free from partisan influence despite significant administrative hostility.