On January 15, 2025, President Donald Trump stated he has no current plans to replace Federal Reserve Chair Jerome Powell, whose term ends in May, though he left open the possibility of a change later. Powell could remain on the Fed board until 2028. The DOJ is investigating the Fed’s $2.5 billion headquarters renovation, adding scrutiny amid persistent inflation. Trump mentioned considering Kevin Warsh or Kevin Hassett as potential successors, as these developments complicate the outlook for interest rate cuts in 2026.