Federal Reserve holds rates steady as Powell says he will remain on the Board after his chair term ends

Wednesday, April 29, 2026Business & MarketsWell-covered4 frames

The Federal Reserve kept the federal funds rate unchanged at 3.5% to 3.75% on Wednesday.
The decision was widely expected and marked the Fed's third straight meeting without a rate change.
Jerome Powell said he will remain on the Federal Reserve's Board of Governors after his term as chair ends on May 15.
Kevin Warsh moved closer to becoming the next Fed chair after the Senate Banking Committee advanced his nomination to the full Senate on Wednesday.
The rate decision drew multiple dissents: Stephen Miran voted for a quarter-point cut, while Beth Hammack, Lorie Logan and Neel Kashkari supported holding rates steady but opposed the policy statement's guidance.
The three regional Fed presidents who dissented from the statement wanted the Fed to signal more clearly that its next move was not necessarily another rate cut.
Powell's decision to stay on as a governor means he could continue serving at the Fed until January 2028 rather than leaving the institution when his chair term ends.
The leadership transition comes amid sustained pressure from President Trump for lower interest rates and broader scrutiny of the Fed's independence.

The Federal Reserve kept the federal funds rate unchanged at 3.5% to 3.75% on Wednesday.
The decision was widely expected and marked the Fed's third straight meeting without a rate change.
Jerome Powell said he will remain on the Federal Reserve's Board of Governors after his term as chair ends on May 15.
Kevin Warsh moved closer to becoming the next Fed chair after the Senate Banking Committee advanced his nomination to the full Senate on Wednesday.
The rate decision drew multiple dissents: Stephen Miran voted for a quarter-point cut, while Beth Hammack, Lorie Logan and Neel Kashkari supported holding rates steady but opposed the policy statement's guidance.
The three regional Fed presidents who dissented from the statement wanted the Fed to signal more clearly that its next move was not necessarily another rate cut.
Powell's decision to stay on as a governor means he could continue serving at the Fed until January 2028 rather than leaving the institution when his chair term ends.
The leadership transition comes amid sustained pressure from President Trump for lower interest rates and broader scrutiny of the Fed's independence.