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TERMINAL TERM

Jay Powell’s term as a Fed governor began in 5/12 and ends in 1/28. Until becoming Chairman in 2/18, he was one of seven Fed governors. His current second term as Chairman ends in 5/26, but 20 months will remain in his term as a governor. If Trump selects a Chairman Powell disapproves of, expect Powell to remain on as a governor through 1/28 despite no longer being Chairman.

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