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The move clears the way for his replacement's Senate confirmation, amid growing concerns over President Donald Trump's attacks on the independent central bank.

The decision could have important ramifications for policymaking at an especially delicate time.

Follow the latest news on the major headlines of the day.

The central bank chair said he had “no choice” but to remain at the Federal Reserve as it faces a “series of legal attacks.”

Powell’s term as the central bank chair expires next month.

Powell addressed the question of whether he will stay on as a Board of Governors member after his term as chair ends.

Jerome Powells Amtszeit als Fed-Chef endet Mitte Mai. Doch er will als gewöhnlicher Notenbankgouverneur bleiben – und treibt damit Trump zur Weißglut.

Jerome Powell staying on as governor and Kevin Warsh’s unclear stance signal a new era of policy uncertainty for markets.

US Federal Reserve Chair Jerome Powell on Wednesday urged central bank independence as he nears the end of his term on May 15. He said he would remain a Fed governor, drawing…