Updated on: April 29, 2026 / 6:04 PM EDT / CBS News

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Federal Reserve Chair Jerome Powell said on Wednesday that he plans to remain as a board governor after his term ends in May, announcing the move after the central bank again left its benchmark interest rate unchanged amid rising inflation due to the Iran war .

Powell had previously said he would stay on as Fed chair until the Department of Justice ended an investigation into his oversight of renovations of the Fed's Washington, D.C., headquarters, calling the inquiry politically motivated. Jeanine Pirro, U.S.…