Federal Reserve Chair Jerome Powell’s term as chair is set to end on May 15, 2026 — but he could still thwart President Donald Trump’s push to lower interest rates.

That is because Powell can remain on the Federal Reserve Board of Governors through January 2028.

This scenario could have significant implications for U.S. monetary policy, board dynamics, and the independence of the central bank.

Some market analysts believe that if Powell remains a governor, he would calm fears of economic uncertainty and political interference in the Fed by the Trump administration.

That's because Powell could vote on decisions made by the Federal Open Market Committee, the Fed body responsible for setting interest rates and guiding overall monetary policy.

“Even without the chair role, Powell’s vote could act as a check on dramatic policy shifts,” one market observer noted — adding that Powell's institutional knowledge and experience make him an influential voice within the Fed.

Mark Spindel, a Wall Street veteran and author on Fed independence, stressed that if Powell does remain after May, the Trump administration would be “deprived of the chance to fill another seat on the board.”

In fact, Trump's political attacks and investigation have “motivated Powell to dig in,” according to one Fed analyst.

The president, repeatedly on social media and at news conferences, has called Powell “Mr. Too Late,” “a major loser,” and incompetent for failing to cut rates fast enough.

Trump has blasted Powell as “too angry, too stupid, and too political.” Powell, Trump has charged, is unfit for the job and had cost the country “trillions of dollars.”

Some senators have signaled they may delay confirmations for new nominees until political and legal questions surrounding Powell’s tenure are resolved, creating further complexities for the board’s composition.

Having a former chair still serving as a voting governor could also create internal ambiguities.

While the Fed chair sets the committee agenda and speaks publicly for the institution, a former chair could wield informal influence in discussions and decision-making, potentially affecting strategic priorities and shaping outcomes behind the scenes.

Historically, though, it is rare for a Fed chair to remain on the board after stepping down. Most chairs resign entirely when their leadership term concludes.

One notable exception was Marriner Eccles, who continued to serve on the board for several years after his chairmanship in the late 1940s.