reported<\/a> that Powell made the announcement at his final FOMC press conference, saying: \u201cThe things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through at least that long.\u201d Powell said he planned to \u201ckeep a low profile\u201d and would not act as a shadow chair once Kevin Warsh is confirmed and sworn in.<\/p>\n <\/p>\n
Jerome Powell Says Legal Attacks on the Fed Are \u201cUnprecedented in Our 113-Year History\u201d<\/h2>\n
Powell\u2019s stated reason for staying is the DOJ investigation into the Federal Reserve\u2019s headquarters renovation, which produced a criminal probe into Powell\u2019s congressional testimony. DC Attorney Jeanine Pirro closed her office\u2019s probe last week but posted publicly that she would \u201cnot hesitate to restart a criminal investigation should the facts warrant doing so.\u201d Powell said he would leave \u201cwhen the investigation is well and truly over with finality and transparency.\u201d Trump responded by posting that Powell \u201cwants to stay at the Fed because he can\u2019t find a job elsewhere.\u201d Treasury Secretary Bessent said it would be \u201cextraordinary\u201d for an outgoing chair to remain as governor, calling it a breach of tradition. As crypto.news reported, the FOMC voted to hold rates at 3.50 to 3.75% for a third straight meeting, but the four dissents were the real story: three members wanted the easing bias removed from the statement, signaling a hike is as likely as a cut, while Stephen Miran voted for an immediate cut.<\/p>\n
Bitcoin Falls to $74,900 as the Warsh \u201cPivot Party\u201d Gets Cold Water<\/h2>\n
As crypto.news documented, the market entered April 29 pricing in a Warsh-driven pivot narrative, with the assumption that Powell\u2019s departure would clear the path for faster rate cuts. Powell staying on the board, retaining a vote on the 12-person FOMC, and three hawkish dissenters demanding removal of the easing bias collectively broke that thesis in one press conference. Bitcoin fell from $77,000 to $74,914, with $137.77 million in ETF outflows snapping a nine-day inflow streak. Matt Mena of 21Shares said the dissenters \u201cthrew a bucket of ice on the market\u2019s pivot party.\u201d As crypto.news tracked, Bitcoin has now fallen after eight of the last nine FOMC meetings, a pattern that continued precisely as analysts predicted entering the day.<\/p>\n
Powell\u2019s governor term runs through January 2028, meaning he retains a full vote on rate decisions through Warsh\u2019s first two years as chair. The full Senate confirmation vote for Warsh is expected the week of May 11.<\/em><\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Jerome Powell announced at his final FOMC press conference on April 29 that he will remain on the Federal Reserve Board of Governors past May 15, saying Trump\u2019s legal attacks…<\/p>\n","protected":false},"author":1,"featured_media":27194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=27193"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27193\/revisions"}],"predecessor-version":[{"id":27195,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/27193\/revisions\/27195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/27194"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=27193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=27193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=27193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}