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Powell Extends Tenure to 2028 as Rates Hold Steady

5/10/2026

32 5 Full Breakdown

Summary

Story summary

Fed Chair Jerome Powell will stay on the Federal Reserve board after his term ends May 15, extending his tenure to early 2028.
The Justice Department dropped its probe in late April and sent the $2.5 billion case to the Fed inspector general.
Sen. Thom Tillis (R-N.C.) and Tim Scott (R-S.C.) said Jerome Powell should leave.
The FOMC vote was 8-4 to keep rates at 3.50%-3.75% despite Governor Stephen Miran’s dissent for a cut.

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Story summary

Fed Chair Jerome Powell will stay on the Federal Reserve board after his term ends May 15, extending his tenure to early 2028.
The Justice Department dropped its probe in late April and sent the $2.5 billion case to the Fed inspector general.
Sen. Thom Tillis (R-N.C.) and Tim Scott (R-S.C.) said Jerome Powell should leave.
The FOMC vote was 8-4 to keep rates at 3.50%-3.75% despite Governor Stephen Miran’s dissent for a cut.