Sixth consecutive meeting without a change. No adjustment to the pace of balance-sheet reduction.
The Federal Reserve held rates at 3.50% – 3.75%, but the 8-4 vote revealed a rare split: Miran sought a cut, while three governors rejected the dovish tilt in the statement. At the podium, Jerome Powell bade farewell to the chairmanship before being succeeded by Kevin Warsh on 15 May.
On the surface, the decision was “no change”: rates remained at 3.50% – 3.75% for the sixth consecutive meeting. But the statement introduced language that could be interpreted as a dovish tilt, which three governors rejected. By contrast, a fourth governor voted against the decision from the opposite direction, calling for an immediate quarter-point cut. The result: a committee effectively split across two opposing camps, and a central bank chairman delivering his final opening remarks before handing the post to Kevin Warsh on 15 May.
Sixth consecutive meeting without a change. No adjustment to the pace of balance-sheet reduction.
Miran called for a cut. Hammack, Kashkari and Logan rejected the dovish tilt in the statement.
A clear retreat from 15.00 in March and January, despite retained hawkish language on commitment to the 2% target.
Powell’s term as chairman ends on 15 May. Warsh cleared the Banking Committee on the morning of the same meeting.
| Item | Value | Change from previous meeting |
|---|---|---|
| Target rate range | 3.50% – 3.75% | No change |
| Vote | 8 in favour / 4 against | Dissent increased from 11-1 in March |
| Tone score | 3.00 (neutral) | From 15.00 (slightly hawkish) in March |
| New signal | A dovish bias within the statement | Appeared for the first time since December |
| Political context | Powell's final press conference as Chair | Warsh to become Chair on 15 May |
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