On April 29, in what he called his last news conference as chairman, Federal Reserve Chairman Jerome Powell announced that he would not retire on May 15 as previously planned. Just hours earlier, the Senate Banking Committee voted 13-11 to send Kevin Warsh, President Donald Trump’s pick to succeed him. This dual development leaves the central bank in a leadership situation unprecedented in recent times — an incumbent president holding a seat on the Board while his successor begins his term. At the time of writing, Bitcoin is trading around $75,800, down 0.66% over the past 24 hours, while 24-hour trading volume is up 24.61% to $40.68 billion, according to CoinMarketCap data.
Bitcoin price today
Powell denies leaving after May 15
In today’s press conference, Powell cited ongoing legal issues as the reason for the change in plans.
«I’ve been planning to retire for a long time,» Powell said, adding: «The things that have happened in the last three months I think leave me no choice but to stay until I see them through, at least for a while.»
He also confirmed that he would retain his seat on the Federal Reserve Board: «I have said that I will not leave the board until this investigation is clearly and fully concluded, with transparency and finality, and I stand by that position.» The reference to «investigation» refers to the Justice Department’s recently concluded probe into cost overruns at the Federal Reserve’s headquarters in Washington, a probe that U.S. Attorney Jeanine Pirro closed on April 24, clearing the way for the committee’s vote on Warsh. It’s worth noting that Trump had previously threatened to fire Powell if he refused to resign by May. Powell’s statement today directly rejects that pressure.
JUST IN:
President Trump says „Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else.”
„Nobody wants him.” pic.twitter.com/QlYEemRzDp
— Watcher.Guru (@WatcherGuru) April 29, 2026
Warsh advances during Powell’s final FOMC meeting
The Senate Banking Committee voted 13-11 along party lines on the morning of April 29, with all 13 Republicans in favor and all 11 Democrats against, Bloomberg reported. It was the first all-partisan vote in the commission’s history for a nominee for Fed chairman.
Powell acknowledged the move at the press conference: «I want to congratulate Kevin Warsh on his advancement from the Senate Banking Committee this morning.»
Republican Sen. Thom Tillis had previously blocked the nomination because of the DOJ investigation into Powell, but withdrew his objections once the investigation was closed. With Republicans holding 53 seats in the Senate, Warsh’s full confirmation is expected the week of May 11. Sen. John Fetterman (D-Pa.) has signaled he plans to vote in favor. The first FOMC meeting that Warsh could preside over is scheduled for June 16-17. On rates, the Fed kept its target range unchanged at 3.50%-3.75% for the third straight meeting, with four officials dissenting — the first significant policy split in decades. Powell noted that PCE inflation is estimated at 3.5% for March and core PCE at 3.2%. Short-term inflation expectations are rising, while long-term inflation expectations remain anchored near 2%.
Bitcoin price evolution and what’s next for crypto
The digital asset has failed to break the $80,000 mark for the second time in the past week, and the increase in volume along with the decline in price points to a near-term distribution. The «Coinbase Premium» index turned negative, a signal that US spot demand has weakened, CoinDesk reported. The scenario where Powell stays on complicates the narrative of rate cuts that crypto markets were anticipating under a Warsh-led Fed. With Powell remaining on the Board and Warsh taking over a divided FOMC, the pace of monetary easing over the summer becomes much more uncertain. According to CoinPedia analysis, BTC has declined after eight of the last nine FOMC meetings within 48 hours.