Jerome Powell’s second four-year term as Federal Reserve Chair expires on May 15, 2026, establishing the statutory endpoint for his leadership of the central bank. Kevin Warsh received Senate confirmation on May 13, 2026, to succeed him, clearing the path for an orderly transition. Powell has publicly stated he will relinquish the chair role on that date while remaining on the Board of Governors until at least January 2028, pending resolution of an internal investigation into headquarters renovations. No early departure or resignation has occurred despite prior public tensions with the administration. Trader assessments of departure timing therefore center on this fixed calendar milestone, the timing of Warsh’s confirmation, and any last-minute procedural developments within the narrow window surrounding May 15.