The Federal Open Market Committee meeting on April 29 will determine whether Fed Chair Jerome Powell will stay or retire. The decision comes as former Fed Governor Kevin Warsh, President Donald Trump's nominee to succeed Powell, is expected to win approval from the Senate Banking Committee and be confirmed by the full GOP-led Senate before May 15. Historically, Fed chairs have left the central bank when their chair term ends. However, Powell has stated he would not step down in May unless a Department of Justice criminal investigation of him was completed. The Justice Department halted its criminal investigation on April 24 over allegations that he lied to Congress about cost overruns in the $2.5 billion renovation of the Washington, D.C., headquarters. A federal judge blocked two subpoenas from Jeanine Pirro's office to the Fed’s Board of Governors last month, finding they were used to pressure Powell to lower interest rates or resign.