Does Powell have an ace up his sleeve?

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Recommended by Kate Turton, Newsletter Editor

Powell could stay on as a Fed governor for two more years

Federal Reserve Chair Jerome Powell holds the door at the US Federal Reserve in Washington. REUTERS/Nathan Howard

The 72-year-old US Federal Reserve Chair Jerome Powell has plenty to look forward to in life after the Fed when his term as chief ends in May.

Events of the last few days, with a criminal indictment threatened by the US Department of Justice in what Powell slammed as a "pretext" to pressure him on monetary policy, have made the stakes for the Fed clear.

So now he has a choice: He could devote the next years to his family and passions. Or he might choose to retain his separate seat on the Fed's Board of Governors to do battle from inside the Fed to shape, if not stymie, any Trump administration effort to undermine the independence of the world's most important central bank.

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