Jerome Powell’s decision to remain on the Federal Reserve Board of Governors after stepping down as chair in May 2026 anchors trader expectations for the timing of his full exit. His 14-year governor term, which runs until January 31, 2028, allows him to serve out the remainder following Senate confirmation of successor Kevin Warsh. Powell cited threats to central bank independence amid prior administration pressure as the key factor in staying, marking the first such instance since 1948. With no subsequent announcements of early resignation and recent September 2026 reports focused on post-chair activities rather than departure, market-implied odds reflect high conviction that Powell will complete his term unless unforeseen health, regulatory, or personal developments intervene. The next FOMC meetings and any updates on board vacancies will serve as primary near-term catalysts.