Jerome Powell’s term as Federal Reserve Chair concluded on May 15, 2026, with Kevin Warsh sworn in shortly thereafter, shifting focus to Powell’s ongoing role as a governor whose board term runs through January 2028. Powell has publicly stated he will remain on the board for a period to be determined, pending resolution of an investigation into the Fed’s headquarters construction project, marking the first such extension by an outgoing chair since 1948. This stance, amid reported political pressures and legal challenges from the current administration, anchors trader assessments of departure timing. Monetary policy continuity, labor market data, and inflation trajectories continue to influence board dynamics, while upcoming FOMC meetings and any further regulatory or congressional developments on the investigation could alter the timeline for Powell’s exit. Market-implied odds reflect the balance between his stated commitment and potential external catalysts that might accelerate or delay departure.