Federal Reserve Chair Jerome Powell made it clear the US central bank won’t cut interest rates again until inflation resumes cooling. And that’s before it even starts considering the possible impact of the war in the Middle East.

His announcement puts pressure on the DOJ to drop the investigation, which has held up President Donald Trump’s nomination of Kevin Warsh to lead the central bank.

Federal Reserve chair Jerome Powell said on Wednesday that he will stay on as “chair pro tem” if his successor Kevin Warsh is not confirmed by mid-May when Powell’s term expires.

The Federal Reserve kept its key interest rate unchanged Wednesday and Chair Jerome Powell highlighted the increasingly uncertain outlook for the U.S. economy and inflation in the wake of the Iran war,

Powell's term as Fed chair is scheduled to end on May 15, but he could elect to stay on the board to finish his term as a Fed governor.

Federal Reserve Chair Jerome Powell said on Wednesday (March 18) he'll stick around as head of the U.S. central bank until his successor is confirmed, and will not leave the institution until a criminal investigation into the Fed is resolved.

Jerome H. Powell, who leads the central bank, also said he would not leave the Fed until a criminal investigation into his handling of renovations was over.

Federal Reserve Chair Jerome Powell on Wednesday pledged not to leave the central bank until a criminal investigation of him by the Justice Department is resolved, a prospect ​likely to stymie President Donald Trump's hopes of soon installing a central banker sympathetic to his demands for lower interest rates.