Powell’s 14-year term as a Federal Reserve governor runs through January 31, 2028, after he stepped down as chair on May 22, 2026, when Kevin Warsh assumed the role. He has publicly indicated he will remain on the Board until an ongoing internal investigation into the Fed’s headquarters renovation project concludes with transparency, creating the main near-term uncertainty around any earlier departure. Legal precedent and statutory protections limit removal to cause, while political tensions with the administration and any Senate confirmation dynamics for replacements represent secondary swing factors. No major new catalysts have emerged in recent weeks, leaving trader focus on the resolution timeline of that probe and potential court rulings on executive authority over Board members.