“We didn’t lose it. I don’t believe we will. I really hope we don’t,” Powell said.

The comment comes a few weeks after he publicly announced that he would serve in the Justice Department Federal Reserve grand jury subpoenas which Powell pointed out in his June 2025 congressional testimony about the $2.5 billion renovation of the Fed’s headquarters.

Subpoenas are only half the story. For months, President Donald Trump has lobbied attacks on the Fed’s construction project, frustrated by what he sees as a slow pace in cutting rates. In the administration’s view, the Fed is holding back the engine for growth. In August, Trump posted on Truth Social: “Jerome ‘Too Late’ Powell, a stubborn MORON, needs to lower interest rates, NOW.

But Powell maintained that the Fed remains cautious on cuts, balancing the dual mandate of managing inflation and strengthening the labor market.

“We at the Fed will continue to do our jobs with objectivity, integrity, and a deeper commitment to serving the American people,” Powell said at Wednesday’s press conference. The Fed has implemented 175 basis point cuts through September 2024.

Aside from those comments, the Fed chair remained tight-lipped on other political issues, responding with a warm, “I don’t have anything for you on that” to further questions about the Fed’s subpoena and the decline of the dollar.

The Fed kept rates steady on Wednesday at 3.50% to 3.75% as the central bank sought to juggle the competing realities of a declining dollar and a rally in the stock market. The 10-2 vote to keep rates steady featured dissent from Governors Stephen Miran and—a recent Trump appointee—Christopher Waller. Both are pushing for a quarter rate cut, which is in line with White House demands.

Beyond the political battle, Powell emphasized the Fed’s cautious approach to further rate cuts, ensuring that any future decision will be informed by a proper analysis of inflation data, much of which is now being denied by trade policy, as Powell mentioned that the tariffs put a “one-time price increase” on consumer products.

Powell’s term as chair ends in May. And while it has yet to be confirmed who will replace him, Trump has narrowed his search to four contenders: Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock chief investment officer Rick Riederwho has soared in the prediction markets in recent weeks to be the first to succeed Powell.

The Fed chair offered advice he would share with whoever might succeed him: “Don’t get into elected politics.”