Jerome Powell’s term as a Federal Reserve governor runs until January 31, 2028, following the end of his chairmanship on May 22, 2026, when Kevin Warsh assumed the role. Powell stated in late April 2026 that he intends to remain on the Board “for a period of time to be determined,” citing the need to complete an ongoing review of the Fed’s headquarters construction project and to address perceived threats to institutional independence amid political pressures. This stance contrasts with most prior chairs who departed upon leaving the top post, creating a baseline expectation that Powell will serve well into 2027 or later absent new developments such as resignation, Senate confirmation dynamics for replacements, or shifts in administration policy toward the central bank. Market-implied probabilities for an earlier exit would respond primarily to any fresh regulatory scrutiny, congressional actions, or public signals from Powell or the White House regarding Board composition.