Fed chair Jerome Powell says he will stay on central bank's board after term expires next month

Key Points:

• Federal Reserve Chair Jerome Powell announced he will remain on the Fed's board of governors after his term expires next month, continuing through an ongoing investigation into cost overruns related to the central bank's office renovation.
• The Department of Justice recently dropped a criminal probe into Powell, referring the investigation to the Fed's inspector general, while Powell criticized the probe as politically motivated and vowed to stay until the matter concludes with transparency.
• Powell's term as Fed chair ends May 15, but he will stay until a replacement is confirmed; meanwhile, a Senate Banking Committee approved nominee to succeed him, Warsh, on a party-line vote, with a full Senate confirmation pending.
• The Federal Reserve held interest rates steady amid rising prices from an oil shock linked to the Iran war, with the benchmark rate now between 3.5% and 3.75%, balancing inflation concerns against slowing economic growth risks.
• Warsh, a former Fed official known for hawkish views but recently supportive of lower rates, faces a contentious confirmation process amid concerns over economic challenges including potential stagflation.