Mr Powell’s four-year term as chair ended on May 15.
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- WASHINGTON – The Federal Reserve on May 15 named Mr Jerome Powell the temporary chair of the Board of Governors until his successor Kevin Warsh is officially sworn in, the central bank said in a statement.
- “This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs,” the Fed said.
- In a joint statement, Ms Bowman and Mr Miran said they supported Powell’s temporary designation, but said it should only be for a limited time.
- Fed names Powell as chair pro tempore until Warsh is sworn in - AOL.com
- Fed names Powell as chair pro tempore until Warsh is sworn in
Jerome Powell's four-year term as chair of the Federal Reserve concluded on May 15, 2026. In a customary move during leadership transitions, the Federal Reserve has named Powell as the temporary chair of the Board of Governors until his successor, Kevin Warsh, is officially sworn in.
The Senate confirmed Warsh earlier this week, but he will not assume his role until the swearing-in ceremony takes place. The Federal Reserve noted that this temporary designation aligns with past practices during similar transitions. While Powell continues in this interim role, both Ms. Bowman and Mr.
Miran have expressed their support for this decision, although they have indicated that it should be limited in duration. Warsh has also committed to divesting significant financial assets before taking office, which is a step aimed at addressing potential conflicts of interest.
This transition comes at a critical time as the Federal Reserve navigates ongoing economic challenges and monetary policy adjustments.
- Powell's temporary continuation as chair of the Federal Reserve ensures a degree of stability in U.S. monetary policy during a critical transition period.
- Financial markets, particularly in the Asia Pacific region, may experience reduced volatility as investors seek clarity on future interest rate decisions.
- Warsh, who is expected to bring a different approach to monetary policy, could lead to significant shifts in investment strategies for businesses and consumers alike, impacting borrowing costs and economic growth projections.
- Watch for the Bank of Japan's announcement on potential monetary policy adjustments within the next week, as it may influence regional market dynamics following Mr. Powell's term conclusion.
- Keep an eye on the Reserve Bank of Australia’s upcoming interest rate decision scheduled for next month, which could impact investor sentiment across the Asia Pacific.
- Monitor the actions of major Asian stock exchanges, particularly the Hong Kong Stock Exchange, as they may respond to shifts in U.S. Federal Reserve policies in the coming days.
- Anticipate statements from the People's Bank of China regarding any new economic stimulus measures before the June summit, which could affect market stability in the region.
- Look for updates from major Asian financial institutions on their quarterly earnings reports, set to be released in the next three weeks, as they may reflect the broader economic impact of leadership changes in the U.S.