Jerome Powell’s term as Federal Reserve Chair concluded on May 15, 2026, but his separate 14-year governor term runs until January 2028, creating the core uncertainty around any near-term exit from the Board. Powell has publicly stated he intends to remain until an ongoing inspector general investigation into the Fed’s headquarters renovation project reaches full resolution, citing the need to defend institutional independence amid political and legal pressures. Federal law limits removal of governors to cases of cause, limiting the scope for abrupt change outside voluntary resignation or completion of that probe. Traders are monitoring statements from Powell, updates on the investigation timeline, and any signals from the new chair Kevin Warsh or administration officials for shifts in the probability of an earlier departure.