Powell to stay on at the Fed
4/29/20264 min
Jerome Powell will stay as governor. (0:17) FOMC holds rates steady as four members dissent. (1:54) Treasury yields rise, markets see no rate moves this year. (2:37)
Show Notes
Why Powell says he’s staying
Episode transcripts seekingalpha.com/wsb.
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Transcript preview
First 90 secondsKim Khan· Host0:00
[upbeat music] Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. Good afternoon. Today is Wednesday, April twenty-ninth, and I'm your host, Kim Khan. Today is a special Fed edition of Wall Street Lunch. Jerome Powell said he will remain on the Federal Reserve Board as a governor until he is satisfied that the Justice Department's investigation into the Fed is truly resolved.
Speaker 10:25
[singing] Oh, won't you stay just a little bit longer?
Kim Khan· Host0:33
In his final press conference as chairman, Powell struck a firm tone. While welcoming the DOJ's decision to close the probe, he noted the department also said it could reopen the investigation, leaving him with no choice but to stay to safeguard the Fed's independence. "I'm literally staying because of the actions of the administration," Powell said, adding that his concerns were not about verbal criticism by elected officials. President Donald Trump has repeatedly criticized Powell for not cutting rates and recently said he would move to fire him if he stayed on. Powell said his tenure as governor will continue for a period to be determined. "My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors," Powell said. "These legal actions by the administration are unprecedented," he added. "I worry these attacks are battering the institution." Renaissance Macro said the question now is whether Trump takes the bait and decides to go after Powell for doing something that is within Powell's remit, adding that any attempt