00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Fed Chair
00:05Jerome Powell said he will remain on the board after his term ends May 15th,
00:09citing legal attacks from the Trump administration that he said threaten the central bank's
00:13independence, according to the Wall Street Journal.
00:16Powell said the fight left him with no choice, but to stay until the issues are resolved,
00:21while noting he plans to keep a low profile and not interfere with incoming chair Kevin Warsh.
00:27Justice Department officials suspended a criminal probe into Powell's oversight of Fed building
00:32renovations after a court blocked subpoenas, and the Senate threatened to delay Warsh's
00:36confirmation.
00:37The decision breaks with decades of precedent and came as officials held rates at 3.5% to
00:423.75% and faced rare internal divisions over policy direction.
00:46Four officials dissented, the most since 1992, highlighting challenges for Warsh as inflation
00:53risks tied to energy shocks persist.
01:01For all things money, visit Benzinga.com.
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