Jerome Powell advises the next Fed chair to avoid elected politics

Jerome Powell told his successor to "stay out of elected politics" and to meet regularly with Congress; the Federal Reserve left interest rates unchanged at its first policy meeting of 2026.

Jerome Powell spoke to reporters after the Federal Reserve left interest rates unchanged at its first meeting of 2026. He was asked what advice he would give the next chair and said, "Stay out of elected politics, don't get pulled into elected politics." Powell also urged the next chair to convene regularly with Congress and praised Fed staff professionalism. Key facts: - Powell advised the next Fed chair to avoid involvement in elected politics and to meet regularly with Congress. - The Fed's Open Market Committee left rates unchanged after three consecutive cuts, noting solid economic activity and somewhat elevated inflation. - The Department of Justice served the Fed with subpoenas and threatened a criminal indictment related to Powell's Senate testimony and renovation matters, a move that officials and former chairs said raised concerns about central bank independence. - Powell's term as chair ends on May 15; the Fed has two more rate-setting meetings before that date, and any presidential nominee will require Senate approval, which some lawmakers say may be withheld until the DOJ case is resolved. Summary: The remarks underline tensions around the Fed's independence and its relationship with the executive branch. Officials reported ongoing legal actions involving the Fed and noted the current policy stance; the upcoming procedural steps include two more rate-setting meetings before Powell's term ends and a Senate confirmation process for the next nominee.