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Real-time News
On April 30th, Federal Reserve Chairman Jerome Powell told reporters at the end of his final press conference as Fed chairman on Wednesday, "Wont see you next time." This statement implicitly indicated that Kevin Warsh, not Powell, would be the one to attend the post-meeting press conference at the Feds next policy meeting in mid-June. This playful remark also confirmed Powells earlier promise: although he plans to continue serving as a Fed governor for some time after his term expires in May—due to concerns about the Trump administrations continued attacks on the Feds independence—he will not attempt to act as a "shadow chairman" to undermine Warshs authority.The Dow Jones Industrial Average closed down 280.12 points, or 0.57%, at 48,861.81 on Wednesday, April 29; the S&P 500 closed down 2.80 points, or 0.04%, at 7,136.00 on Wednesday, April 29; and the Nasdaq Composite closed up 9.44 points, or 0.04%, at 24,673.24 on Wednesday, April 29.Microsoft (MSFT.O) reported revenue of $82.9 billion for Q3 of fiscal year 2026, compared to $70.066 billion in the same period last year and market expectations of $81.36 billion.On April 30th, U.S. stocks closed lower. The Dow Jones Industrial Average initially closed down 0.57%, the S&P 500 fell 0.04%, and the Nasdaq Composite rose 0.04%. NXP Semiconductors (NXPI.O) surged 25%, Nvidia (NVDA.O) fell 1.8%, Qualcomm (QCOM.O) rose 4%, and Intel (INTC.O) rose 12%. The Nasdaq China Golden Dragon Index closed down 0.63%, Baidu (BIDU.O) fell 3.7%, and iQiyi (IQ.O) rose 4.5%.On April 30th, it was reported that Jerome Powells decision to remain on the Federal Reserve Board of Governors after his term as Chairman ended is uncommon, but not unprecedented. Most modern Fed Chairs leave the Board after their terms expire. Powells predecessor, Janet Yellen, left the Fed in 2018 to join the Brookings Institution, and was subsequently appointed as Bidens Treasury Secretary in 2020. The only exception is Eccles, who served as Fed Chair from 1934 to 1948, and remained on the Board for another three years. Eccles played a key role in the clash with Truman over the extent of the White Houses power in setting interest rates, a confrontation that ultimately ensured the Feds modern independence. Powell has not shied away from addressing the political pressures facing the Fed during his tenure. He made it clear on Wednesday that his decision to remain was not due to any politicians verbal attacks, but rather a result of legal action against the Fed.
