Federal Reserve Governor Stephen Miran addressed concerns about Jerome Powell's continued presence on the Fed Board, stating it does not create a division of authority as Kevin Warsh prepares to become chair. Powell, whose term ends May 15, 2026, will remain on the board until renovations to the Fed building are completed.
This comes amid pressure from the Trump administration for rate cuts, highlighting ongoing tensions between Fed independence and executive influence. Warsh's appointment is pending Senate confirmation, expected the week of May 11. Prediction markets now show a 27.5% chance Powell leaves by May 15, 2026, up from 22%, but only a 0.8% chance of an exit before May 14.