Jerome Powell will not immediately step down from his governorship on the Federal Reserve Board when his tenure as chair expires next month.
“I will leave when I think is appropriate to do so,” Powell told reporters at the beginning of what would nevertheless be the last Federal Open Market Committee (FOMC) press conference he will preside over as chair, he confirmed. The Fed's rate-setting body voted on Wednesday to hold the federal funds rate in its current range of 3.5% to 3.75%.
Powell congratulated his likely replacement as chair, Kevin Warsh, for advancing through Wednesday morning’s procedural vote by the Senate Banking Committee. He added in later remarks that he believes Warsh has the “skills to be very good at” building consensus ...