Jerome Powell’s continued service as a Federal Reserve governor, with his 14-year term running through January 2028, centers trader focus on whether political pressure and lingering oversight will prompt an earlier exit before year-end 2026. After stepping down as chair in May 2026 and handing leadership to Kevin Warsh, Powell has publicly committed to staying until the Fed inspector general’s review of headquarters renovations reaches full closure with transparency, citing prior DOJ scrutiny and administration efforts to influence policy. Fixed statutory terms shield governors from at-will removal except for cause, limiting near-term catalysts, while ongoing tensions around monetary easing and institutional independence sustain modest implied odds of departure. Key upcoming developments include any IG findings, FOMC decisions under the new chair, and administration statements that could shift the risk of resignation or negotiated exit.