U.S. President Donald Trump on Thursday sharply criticized outgoing Federal Reserve Chair Jerome Powell after Powell announced he would remain on the central bank’s Board of Governors beyond the end of his term as chair. The president, in a post on his Truth Social platform, claimed Powell “can’t get a job anywhere else” and said “nobody wants him,” intensifying an already strained relationship between the White House and the Federal Reserve.

Trump’s remarks came just hours after Powell indicated, during what is expected to be his final press conference as chair, that he would continue serving as a governor “for a period of time to be determined.” Powell framed his decision as a response to what he described as “unprecedented” legal and political challenges facing the Fed’s independence, emphasizing concerns about maintaining the institution’s ability to conduct monetary policy free from political pressure.

By choosing to remain on the board, Powell effectively blocks the immediate opportunity for Trump to nominate a replacement and potentially reshape the balance of the Federal Reserve’s leadership. The move is historically notable, as it would mark the first time since 1948 that a former Fed chair continues to serve alongside a sitting chair on the Board of Governors.

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Powell rejected suggestions that his decision was politically motivated, stating that he had originally planned to retire but reconsidered due to recent developments. “I’m literally staying because of the actions that have been taken,” he said, adding that he intends to maintain a low public profile in his continued role as governor.

Meanwhile, the transition in leadership is already underway. On Wednesday, the Senate Banking Committee voted 13–11 along party lines to advance Trump’s nominee, Kevin Warsh, for a full Senate confirmation vote. If confirmed, Warsh is expected to assume the chairmanship in mid-May, a shift Powell said he welcomes.

Despite the impending leadership change, Trump’s continued criticism — including his longstanding nickname “Too Late” for Powell — signals that tensions between the administration and the Federal Reserve are unlikely to ease. The ongoing dispute underscores broader concerns about the independence of the central bank at a time of heightened political scrutiny.

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