Fed Chair Jerome Powell's term expires May 15, 2026, after which he plans to step down from the role but remain a Federal Reserve Board governor until 2028, as confirmed in his April 29 press conference following the FOMC meeting. President Trump's nominee Kevin Warsh cleared the Senate Banking Committee on a 13-11 party-line vote the same day, with Majority Leader Thune filing cloture to expedite a full Senate confirmation vote expected soon. The DOJ's recent closure of its probe into Powell has removed a key hurdle. Traders reflect this in low odds (1%) for Powell exiting before May 14 but near-certainty (99%) by June 30, anticipating a smooth term-end transition despite past White House pressure for an earlier ouster. Delays in Warsh's confirmation could briefly extend Powell's tenure as acting chair.