The Federal Reserve kept interest rates unchanged Wednesday, with Chair Jerome Powell announcing he will continue leading the central bank past his May 15 term expiration if his nominated successor has not been confirmed. Powell said he intends to serve as "chairman pro tempore" until Kevin Warsh, President Trump's nominee, receives Senate approval.
Sen. Thom Tillis (R-N.C.) is blocking Warsh's confirmation pending resolution of a criminal investigation targeting Powell that Tillis, Powell, and a federal judge view as a pretext to pressure rate cuts. Powell stated he has "no intention of leaving the Board [of Governors] until the investigation is well and truly over with transparency and finality."