Fed Chair Jerome Powell has decided to stay at the Federal Reserve beyond his term as chair, defying President Trump's attempts to exert control over the central bank.
The decision comes after a series of unprecedented legal challenges to Powell's leadership, including a Justice Department criminal investigation and a bid to fire a Fed governor.
Powell cited the need to protect the Fed's independence and prevent political interference in its decision-making process.
His decision drew swift criticism from Trump allies, who accused him of acting unilaterally and undermining the Fed's norms.
However, current and former Fed officials who have worked with Powell say he made the right decision, given the circumstances.
Powell's term as a governor ends in early 2028, and it remains to be seen how long he will stay at the Fed.
