Key Points
- Jerome Powell says he will remain on the Federal Reserve Board beyond May 15.
- Bitcoin trades near $75,800 as Warsh advances and rate outlook remains uncertain.
Federal Reserve Chair Jerome Powell said on April 29 that he will not retire on May 15 as previously planned.
Hours earlier, the Senate Banking Committee voted 13-11 to advance Kevin Warsh, President Donald Trump’s nominee to succeed him.
The developments create an unusual leadership transition in which an incoming chair could serve alongside his predecessor on the Federal Reserve Board.
At the time of writing, Bitcoin is trading near $75,800, down 0.66% over the past 24 hours, with trading volume rising 24.61% to $40.68 billion, according to CoinMarketCap data.
Powell Confirms He Will Remain on the Board
During a press conference, Powell stated that evolving circumstances over the past three months led him to reconsider his planned retirement.
He said he intends to stay on the Board until related matters are resolved with transparency and finality.
His remarks referenced a Department of Justice probe into cost overruns at the Fed’s Washington headquarters, which concluded on April 24.
Powell’s announcement followed prior public pressure from President Trump, who had suggested he should step down.
Warsh Advances as Markets Watch Policy Signals
The Senate Banking Committee approved Warsh’s nomination along party lines, marking the first fully partisan committee vote on a Fed Chair nominee.
Republican Sen. Thom Tillis lifted his hold on the nomination after the DOJ investigation ended, clearing the path for a full Senate vote expected in May.
The next Federal Open Market Committee meeting that Warsh could potentially chair is scheduled for June 16–17.
At its latest meeting, the Fed kept its benchmark rate unchanged at 3.50%–3.75%, with four officials dissenting.
Powell said personal consumption expenditures inflation is projected at 3.5% for March, with core PCE at 3.2%, while long-term expectations remain near 2%.
In crypto markets, Bitcoin has failed twice to break above $80,000 in the past week, with rising volume accompanying price declines.
The Coinbase Premium Index turned negative, indicating softer US spot demand, according to CoinDesk.
Analysts cited by CoinPedia noted that BTC declined within 48 hours after eight of the last nine FOMC meetings, highlighting increased volatility around policy decisions.
