Federal Reserve Chair Jerome Powell has privately told associates he has no intention of resigning before his term ends in May 2026, according to a CNN report citing people familiar with the discussions. The stance comes amid an escalating pressure campaign by President Donald Trump, who has repeatedly urged Powell to cut interest rates and has publicly suggested he step down. Powell has argued that quitting would jeopardize the central bank’s independence, telling confidants that remaining in office is essential to protect the Fed from political interference. Trump’s allies have amplified criticism of Powell, highlighting a $2.5 billion renovation of the Fed’s headquarters and threatening additional scrutiny, yet White House advisers have warned that firing the chair could unsettle financial markets. The showdown is unfolding as the Federal Open Market Committee prepares to meet next week, with economists expecting officials to leave rates unchanged. Lawmakers in both parties, including Republican Senator Mike Rounds, have voiced support for Powell’s determination to serve his full term, saying the Fed’s credibility depends on insulating monetary policy from political pressure.