Jerome Powell’s decision to remain on the Federal Reserve Board of Governors after his May 15 chair term ended continues to shape trader expectations for his departure timeline. Powell cited ongoing legal challenges to Fed independence and the need to see the headquarters-renovation investigation through to completion before stepping down, an unusual move not seen since 1948. This stance, announced in late April, has kept focus on the 2028 expiration of his governor term while leaving open an earlier exit once the probe concludes. Market participants are watching for updates on that investigation, any shifts in administration pressure, and signals from the new chair Kevin Warsh on board dynamics. The outcome hinges on how quickly those legal matters resolve amid broader monetary-policy continuity.