When Federal Reserve Chair Jerome H. Powell’s leadership term expires next May, President Trump will almost certainly name someone new to the top job. But Powell doesn’t have to leave the Fed. In fact, he could remain on the Board of Governors until 2028—years into Trump’s second term.
That possibility, once remote, is now being taken seriously inside and outside the central bank and the White House. It’s also beginning to shape the way Trump is approaching the one near-term vacancy he is guaranteed: the seat being vacated Friday by Governor Adriana Kugler.
Trump has said he is leaning toward filling that seat temporarily, with a short-term…
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