Jerome Powell’s 14-year term as a Federal Reserve governor runs through January 31, 2028, anchoring trader expectations that he is unlikely to depart the Board before then absent removal for cause—a high legal threshold reinforced by Supreme Court precedent. After stepping down as chair in May 2026, Powell publicly committed to remaining on the Board for an undetermined period to safeguard institutional independence amid a Justice Department review of headquarters renovation costs and political pressure for easier monetary policy. Recent Fed communications and reporting indicate the probe has advanced toward resolution, reducing immediate exit catalysts, while Chair Kevin Warsh’s policy stance and Treasury yield movements offer indirect signals on Board dynamics. Key near-term variables include any final inspector general findings or administration actions ahead of year-end.