Jerome Powell’s 14-year term as a Federal Reserve governor extends through January 2028, anchoring the market around whether he departs the Board of Governors before year-end 2026. After relinquishing the chair role to Kevin Warsh in May 2026, Powell stated he would remain for an undetermined period to shield institutional independence amid prior political pressure and a now-closed DOJ probe into headquarters renovations. No subsequent announcements or credible reports indicate an early exit, and his low-profile stance as a governor has aligned with the orderly leadership transition. Key near-term catalysts include any renewed administration scrutiny, Fed inspector general findings on renovations, or broader shifts in board vacancies that could alter incentives for his continued service.