Jerome Powell stepped down as Federal Reserve Chair on May 15, 2026, with Kevin Warsh sworn in days later, but Powell remains a Board governor whose term runs until January 2028. He has publicly committed to staying until an inspector general investigation into the Fed’s headquarters renovation concludes with full transparency, citing legal and institutional pressures as the reason for breaking from historical precedent. This stance limits near-term departure risk despite ongoing political scrutiny of Fed independence. Key upcoming factors include the investigation’s resolution timeline and any administration efforts to influence board composition, though governors can only be removed for cause. Market-implied odds on early exit will hinge on developments around these events rather than routine term expiration.