Share this article
Fed leaves rates unchanged at Jerome Powell’s final meeting as chairman
The U.S. Federal Reserve’s next meeting in June is likely to be led by Kevin Warsh after he cleared a Senate Banking Committee vote on Wednesday.
Updated Apr 29, 2026, 6:03 p.m. Published Apr 29, 2026, 5:58 p.m.
What to know:
- The Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75% for a fourth consecutive meeting as it weighs persistent inflation against slowing growth.
- Likely presiding over his final meeting, Chairman Jerome Powell is expected to use his post-meeting press conference to signal how inflation risks may affect the timing of potential rate cuts (or hikes) later this year.
- Kevin Warsh cleared a Senate Banking Committee vote earlier Wednesday, putting him on track to take over leadership at the Fed when Powell’s term ends on May 15.
There were four dissents to the rate decision, one dovish and three hawkish. Fed Governor Stephen Mirran preferred to trim rates by 25 basis points, while Beth Hammack, Neel Kashkari, and Lorie Logan wanted to hold rates steady, but remove any easing bias.
Under pressure ahead of the news, bitcoin remained about 0.5% lower over the past 24 hours, trading just below $96,000. U.S. stocks continued with modest declines, the Nasdaq down 0.35%.
Today’s central bank meeting is likely to be the last to be presided over by Jerome Powell, whose term as chairman ends on May 15. His replacement, Kevin Warsh, passed a Senate Banking Committee vote earlier Wednesday, putting him on track to take over as Powell steps down.
