Trump has repeatedly threatened to remove Jerome Powell from the Federal Reserve Board of Governors after his term as chair ended in May 2026, citing cost overruns on headquarters renovations and related congressional testimony as grounds for action. Powell has stated he intends to remain on the board through 2028 unless investigations conclude, prompting explicit statements from the president that he would pursue removal if Powell does not depart. Recent developments include an inspector general report finding no criminal misconduct, closed DOJ probes, and a parallel White House inquiry targeting another governor that underscores the administration's broader effort to reshape the board. These statements and procedural moves have shaped trader views on the likelihood of a formal attempt at removal before any specified deadline.