Recent developments involving senior Federal Reserve officials have attracted industry attention. The current chair's term will end on May 15, but his status as one of the seven board members is complex—board members serve independently and will continue until January 2028.

The key question here is: will he, like almost all previous Federal Reserve chairs in history, step down completely, or will he be an exception and remain on the board? If he does stay, it will be the first time in nearly 50 years.

Why is this issue so closely watched? Many industry insiders point out that the investigations into his certain testimonies may actually involve political pressure. The underlying logic is clear: if he remains on the board, the White House cannot secure a majority seat. This directly affects whether the current administration can exert greater influence over the institution—and for decades, the Federal Reserve has maintained a significant degree of independence.

A former senior economist at the Federal Reserve and a senior researcher at a research institution once said, "I don't think he will leave early. The current situation poses a threat to the governance structure of the Federal Reserve, which has been familiar to us for 90 years. He should take this seriously and see continuing to serve as a director as a responsibility."

Now 72 years old, he was appointed as Federal Reserve Chair in 2018, and his second four-year term faces various uncertainties. The outcome of this game will not only determine the future direction of the Federal Reserve but also influence expectations across the entire financial market.