Jerome Powell

Led the Fed until Kevin Warsh became chair. The September 2026 rate hike is recorded in this story's timeline.

Employers added 165,000 jobs in October, far more than forecast, and unemployment fell to 4.1%, the Labor Department said Nov. 6. The report suggests the labor market is holding up even as hiring has slowed from earlier in the year.

Updated Yesterday

Chairs the FOMC, which has kept the federal funds target range at 3.75%-4% ahead of its December 8-9 meeting; traders see a quarter-point hike as all but certain and a half-point move as possible

Consumer prices rose 0.4% in October from September, and core prices rose 0.3% for a third straight month, the Labor Department said November 10. The report kept the Federal Reserve on course to raise rates at its December 8-9 meeting. Governor Christopher Waller said a 0.3% core reading would make him consider a half-point hike.

Updated Yesterday

Left the Fed in May 2026; not involved in the current rate decision

Wholesale prices jumped 1.3% in September, the biggest monthly gain since March 2022, as gasoline rose 20.3% during the US-Israeli war with Iran. Producer prices were 6.3% higher than a year earlier, the fastest pace since December 2022.

Updated Nov 1

Chairmanship ended May 2026, succeeded by Kevin Warsh; governor seat runs until 2028; DOJ investigation dropped

The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28. Two officials dissented in favor of another quarter-point hike. Chair Kevin Warsh said inflation is still too high, though he called financial conditions tighter rather than tight.

Updated Oct 31

No longer Fed chair; Kevin Warsh now leads the central bank

Gold pulled back sharply to $4,902.85 per ounce on January 31, 2026, after profit-taking triggered a 9% single-day decline on January 30 from the record $5,594.82 high reached January 29. Despite the correction—which saw prices slide more than 7% to below $4,980—gold remains on track for a monthly gain exceeding 15%, its strongest performance since the 1980s.

Updated Oct 30

Term as chair ended in May 2026. Kevin Warsh now chairs the Federal Reserve.

The Federal Reserve cut interest rates by 25 basis points on December 10, 2025, in a deeply divided 9–3 vote—the most dissents in six years, bringing the funds rate to 3.5–3.75%. Minutes released December 30 revealed the decision was 'finely balanced,' with officials split over whether weak hiring or inflation poses the greater risk.

Updated Oct 30

No longer leading the Fed; current reporting names Kevin Warsh as chair

The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28, a month after its first increase in three years. Chair Kevin Warsh said inflation is "still too high," with consumer prices up 3.7% in September from a year earlier.

Updated Oct 30

As of August 2026: Left the chair in May 2026

The government's July jobs report landed Friday morning, and it walked straight into a fight. The Federal Reserve is split over what to do with interest rates in September, and this data feeds the argument.

Updated Aug 7

As of May 2026: Serving final months of his term as chair; rate decision on April 29 reflected an unusually divided committee

The Bureau of Economic Analysis released its first estimate of US economic growth for the first three months of 2026 at 8:30 a.m. Eastern, alongside the Federal Reserve's preferred inflation gauge. Forecasters diverged more than at any point in the cycle: Atlanta Fed's real-time nowcast is 1.2% annualized, traders on the prediction market Polymarket predicted 2.0%-3.0%.

Updated May 31

As of May 2026: Under intensifying threat of removal; subject of DOJ criminal investigation over Fed headquarters renovation; all Senate Banking Democrats cited the probe as politically motivated in demanding Warsh hearing delay; FOMC meets April 28-29

The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.

Updated May 31

As of May 2026: Co-convened emergency meeting with bank chief executives

An AI model that can find software flaws no human has caught in nearly three decades has triggered a coordinated response from central banks across the Western world. Anthropic's Claude Mythos Preview discovered thousands of previously unknown vulnerabilities in every major operating system and web browser, prompting Treasury and Federal Reserve to summon Wall Street executives to Washington on April 8. By April 11, the Bank of England, Bank of Canada, and their respective financial regulators had convened or scheduled their own emergency sessions with banks.

Updated May 31

As of May 2026: Serving final months as chair; term expires May 15, 2026

For the past year and a half, the Federal Reserve has been carefully lowering interest rates, trying to guide the economy toward a soft landing after the post-pandemic inflation surge. On March 6, 2026, two pieces of news arrived simultaneously that may have closed that window. The Bureau of Labor Statistics reported that the United States economy shed 92,000 jobs in February—the worst monthly reading in years. Brent crude oil held above $85 after Iran closed the Strait of Hormuz, choking off roughly a fifth of the world's oil supply. The Dow Jones Industrial Average plunged 785 points as traders priced in what many had feared but few expected to see confirmed in a single morning: the ingredients for stagflation.

Updated May 30

As of May 2026: Under DOJ criminal investigation; term ends May 2026

Bitcoin has fallen over 50% from its October 2025 peak of $126,000, hitting fresh 15-month lows around $66,000-$67,000 by February 5. The 11% single-day plunge triggered over $1 billion in new liquidations and extended the longest losing streak since 2018's crypto winter.

Updated May 29

As of May 2026: Navigating tension between weak growth data and persistent inflation

The United States economy grew at an annualized rate of just 1.4% in the final quarter of 2025—a steep drop from 4.4% the quarter before and well below the 2.5% that forecasters expected. The Bureau of Economic Analysis (BEA) estimates that the 43-day government shutdown, the longest in American history, subtracted roughly one full percentage point from growth by itself. Federal spending fell at a 16.6% annualized rate during the quarter, dragging headline output down by more than a percentage point even as consumer spending and business investment continued to expand.

Updated May 29

As of May 2026: Navigating pressure to cut rates amid elevated inflation; term as chair ends May 2026; facing unusual situation where weak retail data and nested K-shaped spending patterns push markets to expect deeper cuts despite inflation above 2% target

American retail sales went nowhere in December, the weakest holiday shopping finish since 2018. The Commerce Department reported $735 billion in sales—unchanged from November—while economists expected 0.4% growth. Eight of thirteen retail categories declined, with furniture and auto sales hit hardest by tariff-driven price increases.

Updated May 27

As of May 2026: Term as Chair expires May 15, 2026; has not said whether he will remain as Governor

Gold touched $5,600 per ounce on January 29, 2026—its highest price in history. Silver peaked above $121. Three days later, gold had lost 21% and silver had cratered 40%, erasing roughly $15 trillion in market value in one of the most violent precious metals selloffs since 1980.

Updated May 26

As of May 2026: Under DOJ criminal investigation; term as chair expires May 15, 2026; Trump has nominated Kevin Warsh as replacement

No president has fired a sitting Federal Reserve governor in the central bank's 112-year history. Donald Trump is trying to be the first and wants to replace the Fed chair with a loyalist.

Updated May 22

As of May 2026: Under DOJ criminal investigation; term expires May 2026

On January 30, 2026, President Trump nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed Chair when Powell's term expires in May. Gold, which had surged to a record $5,626 per ounce amid the constitutional crisis over Powell's criminal investigation, plunged 11% in hours as investors bet Warsh would preserve central bank independence.

Updated May 20

As of May 2026: Under DOJ criminal investigation; term expires May 2026

No president has ever criminally investigated a sitting Federal Reserve chair. When Trump's Justice Department served Jerome Powell with grand jury subpoenas on January 11, two Republican senators announced they would block all Fed nominees until the probe ends. With a 13-11 GOP majority on the Banking Committee, even one defection creates a confirmation stalemate.

Updated May 20

As of May 2026: Under DOJ criminal investigation while leading Fed through final months of term; defending central bank independence

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.

Updated May 18

As of May 2026: Sitting Fed chair through May 2026

For most of the 2010s, American workers produced about 1% more output per hour each year. Since the third quarter of 2022, that figure has roughly doubled. The Federal Reserve confirmed this week that the 2% annual pace has now held for nearly four years.

Updated May 15

As of May 2026: Stepped down as chair May 15, 2026; staying on as governor through 2028

The Senate confirmed Kevin Warsh as the 17th Federal Reserve chair on May 13, 54-45—the closest such vote on record. He took over on May 15, when Jerome Powell's term expired and Powell stepped back to a regular governor seat.

Updated May 15

As of May 2026: Leading a divided committee through a three‑cut easing cycle under heavy political scrutiny.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10