Federal Reserve Chair Jerome Powell has repeatedly refused to say whether he will remain at the central bank once his four-year term as chair ends in May 2026. Speaking on 1 July, Powell said he wants to deliver the economy to his successor “in good shape” but added he has “nothing” to disclose about serving beyond that date. Should he choose to stay, he could continue as a member of the Board of Governors until January 2028, as permitted under U.S. law. Powell’s silence is complicating President Donald Trump’s effort to install a leader more inclined to cut interest rates. Trump said he has “two or three” main options under review, and advisers have discussed scenarios ranging from elevating existing governors to the unprecedented idea of making Scott Bessent both Treasury secretary and Fed chair—an idea the White House has publicly denied. If Powell remains on the board, Trump would have only one scheduled vacancy to fill next year, limiting his ability to reshape monetary policy. A Supreme Court ruling in May 2025 also raised the legal bar for dismissing a Fed chair without cause, strengthening Powell’s position. Names floated for the post include current governor Christopher Waller, former White House economic adviser Kevin Hassett, former Fed governor Kevin Warsh and former World Bank president David Malpass. Any nominee would require Senate confirmation, where Republicans hold only a narrow majority, adding another layer of uncertainty to the succession question.