Headed into this week, it was widely assumed that the Federal Reserve would agree to leave existing interest rates intact, as the nation grappled with rising inflation and slow growth, and that’s precisely what happened: In what was widely seen as Jerome Powell’s final meeting as Fed chair, the Federal Open Market Committee did exactly what everyone expected it to do.
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There was, however, one significant surprise that soon followed.
“After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined,” Powell said at a press conference.
Powell can hold his position until 2028, but Fed chairs nearly always step down at the end of their term, unless they’re reappointed, especially as their successor prepares to take the reins.
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The incumbent Fed chair, however, has decided to stick around — for now.
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