Powell digs in at Fed in defiance of Trump, says he’ll stay on as ‘chair pro tem’

Federal Reserve Chair Jerome Powell revealed he will stay on at the institution if his successor is not confirmed, as the central bank voted this week to keep interest rates unchanged.

Despite ongoing criticism from President Donald Trump, who has repeatedly demanded that the Fed lower interest rates, the Federal Open Market Committee (FOMC) voted on Wednesday to keep the rates steady at 3.5% to 3.75%, CNBC reported.

🚨 BREAKING: The Federal Reserve has left interest rates UNCHANGED, despite President Trump demanding rates be LOWERED for the American people

Fed funds rate remains at 3.75%

Chairman Jerome Powell is on his way out in the coming months, set to be replaced with Trump’s pick… pic.twitter.com/6Uja33jugi

— Nick Sortor (@nicksortor) March 18, 2026

The 11-1 vote saw only Stephan Miran voting in favor of cutting interest rates. Miran was appointed by Trump to the Federal Reserve Board of Governors.

“The Fed on Wednesday opted to keep interest rates unchanged, citing concern over higher-than-expected inflation and uncertainty around the ongoing U.S.-Iran war,” CNBC noted.

“Uncertainty about the economic outlook remains elevated,” the FOMC said in a statement. “The implications of developments in the Middle East for the U.S. economy are uncertain.

Powell, who held a news conference after the FOMC vote, reiterated the findings.

WATCH LIVE: Fed Chair Jerome Powell holds news conference after interest rate decision
https://t.co/9zq4h9EsRj

— Fox News (@FoxNews) March 18, 2026

He also announced that he would serve as “chair pro tem” if Kevin Warsh, his nominated successor, is not confirmed by the time his term ends in May.

“If my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed. That is what the law calls for, that’s what we’ve done on several occasions, including involving me, and that’s what we’re going to do in this situation,” Powell said.

“On the question of whether I will leave while the investigation is ongoing, I have no intention of leaving the board until the investigation is well and truly over with transparency and finality,” he continued.

“On the question of whether I will then continue to serve as governor after my term ends, and after the investigation is over, I have not made that decision yet, and I will make that decision based on what I think is best for the institution and for the people we serve,” Powell added. “I’m not going to have any more to say on those issues, by the way.”

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