Federal Reserve Chair Jerome Powell's four-year term expires May 15, 2026, without a confirmed successor, driving trader focus on the leadership transition timeline. President Trump nominated former Fed Governor Kevin Warsh in January, with the Senate Banking Committee advancing the nomination on a party-line vote April 29 amid ongoing confirmation hearings. Powell announced the same day he will remain on the Fed Board of Governors until 2028—breaking precedent—after the Justice Department halted its probe into him. Tensions persist over whether Powell could serve as acting chair post-term, as the administration eyes challenges. A full Senate confirmation vote remains the key upcoming event that could solidify Warsh's path or prolong uncertainty.