Powell to stay on Fed board despite Trump attacks

Federal Reserve Chair Jerome Powell plans to remain on the Fed’s board of governors after his term as chair ends, citing legal pressure from the Trump administration. Trump has repeatedly insulted Powell, calling him a “numbskull” and “moron,” and has pushed to replace him with Kevin Warsh, who cleared an early hurdle toward becoming the next Fed chair.

Powell’s decision to stay on the board — a role separate from the chair position — has drawn a fresh insult from Trump. The move sets up a continued standoff between the president and the central bank leader, even as Powell’s leadership role at the Fed is set to expire.