Jerome Powell to stay on Fed board after central bank holds rates steady in defiance of Trump

Chair planned to exit after inquiry into building renovations but will now oversee ‘remaining steps in the process’Sign up for the Breaking News US email to get newsletter alerts in your inboxThe US Federal Reserve chair, Jerome Powell, will remain on the central bank’s rate-setting board after his term as chair ends in May, a contentious move that signals continued uncertainty at the Fed.Powell made the announcement after the Fed board on Wednesday left interest rates unchanged for the third time this year, despite Donald Trump’s continued demands for rate cuts. Continue reading...