Jerome H. Powell will remain a governor at the Federal Reserve after his term as chair ends, in a bid to guard against a further incursion by the Trump administration on the central bank’s independence.

When the Fed gathers again, it will mark the first time a sitting and former chair conduct business together in nearly 80 years.

Federal Reserve Chair Jerome Powell is set to deliver his final press conference before he is due to step down on May 15.

Federal Reserve held its target range for the federal funds rate at 3.5 to 3.75 percent on Wednesday, a decision markets had fully priced in.

President Trump's pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring "regime change" to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House's attacks.

Powell’s words might not seem that dramatic, given that he’s far from the only person saying them. But beyond his January video message where he said a Justice Department investigation into the Fed’s headquarters renovations was a pretext to pressure him on monetary policy,

Wednesday will likely be a momentous day for the future of the Federal Reserve as Chair Jerome Powell could signal he will stay with the Fed even as a Senate panel is expected to confirm his replacement.