EL7.AI
Central BanksUpdated×7•Originally published 29 April 2026•Updated 1 May 2026•
1 min read

Fed Holds Rates Steady in Jerome Powell's Final Meeting as Chair

Key Facts

1The Federal Reserve maintained benchmark interest rates unchanged during Jerome Powell's final meeting as Chair.
2Powell confirmed he will remain on the Board of Governors after his chairmanship ends, citing ongoing legal threats.
3The Senate Banking Committee approved Kevin Warsh’s nomination to succeed Powell in a 13-11 party-line vote.

The Federal Reserve maintained benchmark interest rates within the 3.5% to 3.75% range at the April FOMC meeting, marking Jerome Powell's final session as Chair. This decision follows a month where markets recorded their best performance since 2020, a rally analysts described as a virtual melt-up. Internal friction was evident as Stephen Miran dissented in favor of a cut, while three other members opposed any easing bias. Markets are now looking at lower crude oil prices as a potential source of relief amid multi-directional economic pressures. Attention shifts to May's employment data and upcoming remarks from Fed officials regarding the transition to Kevin Warsh's leadership. Meanwhile, JPMorgan analysts expect rates to remain steady through year-end as GBP/USD and Bitcoin face continued downward pressure.