Analysis: Trump seeks to dismiss Powell, or extend his term as chairman of the Federal Reserve.

This month, a federal judge rejected two subpoenas issued by the Department of Justice to the Federal Reserve, essentially declaring the criminal investigation invalid and delivering a major victory to Powell. Pirro has said he will appeal. This case not only led Powell to reconsider when to fully step down from the Fed, but also hindered Walsh's confirmation process. A key Republican senator who supports Walsh has vowed to block his confirmation until Powell's investigation is resolved. Therefore, despite Trump's rhetoric and his administration's attempts to force Powell to leave early, the result may be an extension of his term. Powell's chairmanship is set to end in less than two months. Krishna Guha, global policy and central bank director at Evercore ISI, said: "The irony of the subpoena farce is that it may ultimately succeed in creating a shadow Fed chair...that person being Jay Powell." Jim Bullard, former president of the St. Louis Fed and current dean of the Purdue University Krannert School of Management, said he believes Powell is likely to continue serving on the board after his chairmanship ends. Bullard said, "I think he wants to protect the independence of the Fed, and I think that weighs heavily on him." "The government could come to some kind of agreement on this issue, but they don't seem willing to do so. So, as things stand now, I expect him to stay on."