Powell Stays on at Federal Reserve Amid Ongoing Investigations

Jerome Powell, the current Chair of the Federal Reserve, announced he will stay on as an member of the central bank's board of governors after his term expires next month. This decision comes amidst ongoing investigations into the Fed's office renovation, which have sparked concerns about politicization of monetary policy.

Powell expressed his intention to remain on the board until the investigation is complete and transparent, stating 'I've said I won't leave the board until this investigation is well and truly over with transparency and finality, and I stand by it.'

The Fed's interest-rate policy has been a topic of discussion in recent times, particularly given the ongoing standoff between the White House and Congress. The central bank maintained its benchmark rate steady at 3.5-3.75%, marking a significant drop from its peak in 2023 but remaining above the pre-pandemic level.