'NO INTENTION OF LEAVING': Powell REFUSES to step down amid escalating probe

Market Overview - The major indices experienced a decline, with the Dow dropping over 750 points, while the S&P 500 and Nasdaq fell approximately 1.5% [2] - The Federal Reserve maintained interest rates steady for the second consecutive time, citing elevated inflation and uncertainty surrounding the Iran conflict [2] Federal Reserve Leadership - Federal Reserve Chairman Jay Powell indicated he plans to remain in his position until a successor is confirmed by the Senate, despite an ongoing investigation [3][4] - Powell's term as chairman is set to end on May 15, but he can continue serving as a governor until early 2028 [4] Economic Implications - The spike in oil prices, with Brent crude exceeding $115, is attributed to conflicts in the Middle East, which may impact economic growth [15][16] - The Federal Reserve's ability to cut interest rates may be hindered by rising inflation, complicating the economic outlook [19][20] - The market's reaction to Powell's comments suggests a belief that the current economic challenges may be temporary, contrasting with previous situations like the Russia-Ukraine conflict [22]