Jerome Powell’s fixed 14-year term as a Federal Reserve governor runs through January 31, 2028, providing the structural basis for his continued board service after stepping down as chair in May 2026. Recent developments, including the Justice Department’s October 2026 decision not to reopen a criminal probe into a headquarters renovation project following an inspector general report that found no misconduct, have reduced near-term exit pressure despite ongoing political criticism from President Trump. Market-implied odds reflect this stability, with traders assigning roughly 80% probability that Powell remains on the board through year-end 2026. Key upcoming factors include any further regulatory or congressional actions on the renovation matter and the broader political environment, though removal requires cause under the Federal Reserve Act and historical precedent favors completion of staggered terms.