Jerome Powell Chairs Final FOMC Meeting
After eight years as leader of the Federal Board of Governors, Jerome Powell leaves behind a considerable legacy.
Jerome Powell concluded his final Federal Reserve Open Market Committee (FOMC) meeting as chair on April 29, but said he would remain on the Board of Governors after his term as chair ends on May 15. His four-year term on the board ends January 31, 2028.
Powell’s term was marked by his decisive move at the start of the pandemic to stabilize markets, which could have faced a financial crisis comparable to 2008, said Krishna Guha, Evercore ISI’s vice chairman, in an email interview.
“The Powell Fed was slow to pivot to deal with post-pandemic inflation, but when it turned, it turned decisively, and Powell achieved the remarkable feat of bringing inflation back down without causing a recession,” he said. “Indeed, the data clearly show Powell was on the brink of delivering the fabled soft landing when Trump tariffs pushed inflation up again.”
Guha says Powell will mainly be remembered for the “dignity and professionalism that he brought to public service,” as the Fed endured “the most serious attack on central bank independence in decades, without yielding to political pressure or making the opposite error of turning hawkish in retaliation.”
Fight For Independence
The fight to preserve the Fed’s independence truly began in President Donald Trump’s second administration and has been a sustained conflict over lower interest rates. First came accusations of ballooning cost overruns during the refurbishment of the Federal Reserve’s Washington, D.C., headquarters in late July 2025. Next came the administration’s attempt to fire Federal Reserve Governor Lisa Cook a month later, citing alleged mortgage fraud.
The Department of Justice dropped its investigation into Powell on April 24, a few days before the April FOMC meeting. The Supreme Court has yet to decide on Cook’s case.
The cessation of lawfare against the Fed was welcomed by many in the Beltway, who see it as returning to business as usual.
“I felt like the accusations that Chairman Powell had committed some sort of crime connected to the building construction were a distraction, and it would delay President Trump in selecting a new chairman,” said Republican Rep. French Hill, chairman of the House Financial Services Committee, in a public statement. President Trump has nominated Kevin Warsh, a former Fed official, as Powell’s successor. A vote on his confirmation is expected in the coming weeks.
Editor’s note: This story has been updated to indicate Powell will stay on at the Fed after his term as chair ends.
