On April 29, in what he called his last press conference as Chair, Federal Reserve Chair Jerome Powell announced 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 pick to succeed him.
The dual outcome leaves the central bank facing a leadership setup with no recent precedent — an outgoing Chair holding a Board seat while his replacement steps in.
At the moment of writing this article, Bitcoin is trading near $75,800, down 0.66% in the past 24 hours, with 24-hour volume up 24.61% to $40.68 billion, according to CoinMarketCap data.
Powell denies exit after May 15
In direct comments at today’s press conference, Powell pointed to ongoing legal matters as the reason for the change of plans.
“I had long planned to be retiring,” Powell said, adding: “The things that have happened really in the last three months have, I think, left me no choice but to stay until I see them through at least that long.”
He also confirmed he will retain his seat on the Federal Reserve Board: “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,”.
The “investigation” reference points to the recently closed DOJ probe into cost overruns at the Fed’s Washington headquarters, a probe US Attorney Jeanine Pirro ended on April 24, clearing the path for Warsh’s committee vote.
It’s worth noting that Trump has previously threatened to fire Powell if he refused to resign by May. Powell’s statement today directly rebuffs that pressure.
JUST IN: 🇺🇸 President Trump says “Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else.”
“Nobody wants him.” pic.twitter.com/QlYEemRzDp
— Watcher.Guru (@WatcherGuru) April 29, 2026
Warsh advances amidst Powell’s final FOMC as Chair
The Senate Banking Committee voted 13-11 along party lines on the morning of April 29, with all 13 Republicans in favor and all 11 Democrats opposed, Bloomberg reported. It was the first fully partisan committee vote on a Fed Chair nominee in the panel’s history.
Powell acknowledged the move at his press conference: “I want to congratulate Kevin Warsh on his advancement out of the Senate Banking Committee this morning.”
Republican Sen. Thom Tillis had been blocking the nomination over the DOJ’s Powell probe but withdrew his hold once the investigation was dropped. With Republicans holding 53 Senate seats, Warsh’s full-floor confirmation is expected the week of May 11. Sen. John Fetterman (D-Pa.) has signaled he plans to cross the aisle and vote in favor.
The first FOMC meeting Warsh could chair is scheduled for June 16-17.
On rates, the Fed kept its target range unchanged at 3.50%-3.75% for a third straight meeting, with four officials dissenting — the first significant policy split in decades.
Powell noted PCE inflation is projected at 3.5% for March, with core PCE at 3.2%. Short-term inflation expectations are rising, while long-term expectations remain anchored near 2%.
Bitcoin price action and what comes next for crypto
The digital asset has now twice failed to break above $80,000 over the past week, with rising volume into a falling price pointing to short-term distribution. The Coinbase Premium Index has flipped negative — a signal that US spot demand has weakened, CoinDesk reported.
The Powell-stays scenario complicates the rate-cut narrative crypto markets had been pricing under a Warsh-led Fed. With Powell remaining on the Board and Warsh inheriting a divided FOMC, the speed of monetary easing through summer is now far less certain. According to CoinPedia analysis, BTC has dropped after eight of the last nine FOMC meetings within 48 hours
