Powell Stays on Fed Board, Warsh Takes Helm

0:00On April 29, Jerome Powell, the outgoing Federal Reserve Chair, just dropped that he's staying on the Fed's Board of Governors after his term ends, May 15th. This marks the first time since 1948 a chair has pulled this move. He'll keep a low profile, while Kevin Worst steps in as the new top dog. Powell's call is driven by what's best for the institution and everyday folks. A key factor is legal heat, including a Justice Department probe into his conduct that was paused but could restart anytime. Years of tension with President Trump set the stage here. Trump nominated Powell back in 2017, but classed hard over interest rates, pushing for deeper cuts to juice the economy before 20. Twenty-six midterms, scrutiny even hit a Fed-building renovation for cost overruns. Powell draws a clear line. Political jabs are no big deal, but these legal actions are wild, unprecedented in the Fed's over-century long run. He warns they're chipping away at the bank's independence and monetary policy freedom.

1:01As Worst, who's viewed as more in sync with Trump's economic stance, takes the helm. All eyes they glued on how the Fed navigates these choppy waters. A hatred that your U.S. News today update, AI-powered and always on.