Powell's term as chairman of the board of governors expires in May 2026, but his term as a governor extends to January 2028.

President Trump says he hasn't ruled out firing Federal Reserve Chairman Jerome Powell, who he's been frustrated with for months for not lowering the interest rate. The Fed has been cautious about interest rates as it assesses the impact of Trump's tariffs on inflation.

If the Fed was more swayed by politics, it would be harder for financial markets to anticipate — or understand — its decisions. Well, no. Fed chairs like Powell are appointed by the president to serve four-year terms, and have to be confirmed by the Senate.