**Jerome Powell stepped down as Fed Chair in mid-May 2026 after Kevin Warsh’s Senate confirmation and swearing-in, but remains a Board of Governors member with a term running through January 31, 2028.** His April 29 announcement that he would stay “for a period of time to be determined” until an investigation into the Fed’s headquarters project reaches “transparency and finality” has anchored trader expectations around his willingness to serve out much of the remaining term. Political friction with the Trump administration, including prior rate-path disputes and independence concerns, creates ongoing pressure that could prompt an earlier exit, yet no formal resignation signals or legal actions have emerged since the transition. Market-implied odds for departure by December 31, 2026, at roughly 40% reflect this balance: the structural barrier of a fixed governor term versus realistic scenarios of voluntary departure amid continued scrutiny or policy clashes. Key near-term catalysts include any further DOJ or congressional developments on the construction probe, FOMC communications under the new chair, and broader administration signals on Fed governance.