**Jerome Powell's term as Federal Reserve Chair expires May 15, 2026, positioning President Trump's nominee Kevin Warsh to assume the role following Senate confirmation on May 13.** Traders anticipate a seamless transition, as Powell confirmed in late April he will step aside from the chairmanship but remain on the Fed Board of Governors until January 2028 amid Trump administration legal pressures and probes into Fed operations. The president lacks authority to remove a sitting chair without cause, upholding Fed independence precedents, though tensions persisted through nomination delays and committee votes in April. No resignation occurred; the outcome aligns with term limits, with Warsh's swearing-in expected imminently post-expiration.