Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, April 29th, and I'm your host, Kim Khan. Today is a special Fed edition of Wall Street Lunch.

Jerome Powell said he will remain on the Federal Reserve Board as a governor until he is satisfied that the Justice Department's investigation into the Fed is truly resolved.

Don't you stay just a little bit longer.

In his final press conference as chairman, Powell struck a firm tone. While welcoming the DOJ's

decision to close the probe, he noted the department also said it could reopen the investigation,

leaving him with no choice but to stay to safeguard the Fed's independence. And literally staying

because of the actions of the administration, Powell said, adding that his concerns were not

about verbal criticism by elected officials. President Donald Trump has repeatedly criticized Powell for not

cutting rates, and recently said he would move to fire him if he stayed on. Powell said his tenure as

governor will continue for a period to be determined. My concern is really about the series of

legal attacks on the Fed, which threaten our ability

to conduct monetary policy without considering political factors," Powell said.

These legal actions by the administration are unprecedented," he added.

I worry these attacks are battering the institution.

Renaissance Macro said the question now is whether Trump takes the bait and decides to go after

Powell for doing something that is within

Powell's remit, adding that any attempt to remove him would escalate tensions around Fed

Independence. Powell said he intends to keep a low profile when Kevin Warsh takes the helm.

The Senate Banking Committee earlier advanced Warsh's nomination to the full Senate.

Tom Graf, CIO at Fassett, said, Powell can say what he wants about not being

a shadow chair, but his words are going to carry so much weight with the FOMC. My guess is Powell

...