Jerome Powell’s term as Federal Reserve Chair expired on May 15, 2026, after the Senate confirmed Kevin Warsh as his successor earlier that week. Powell publicly stated he would step down from the chairmanship on that date while remaining a Board governor for an undetermined period, citing ongoing legal pressures on the institution. This transition follows standard term limits and Senate confirmation procedures rather than any forced removal. Traders assessing markets on Powell’s departure as chair focus on the timing of Warsh’s swearing-in and any interim arrangements, with the outcome now hinging on whether the formal handover meets the specified resolution window. No other major policy or personnel developments have altered the sequence in recent days.