Fed to announce what may be the final rate decision under Powell
Summary
The Federal Reserve is expected to keep interest rates unchanged in its latest announcement, which may be the last decision under Fed Chair Jerome Powell. Powell’s term ends soon, and President Donald Trump’s nominee, Kevin Warsh, is seeking to replace him amid political challenges.Key Facts
- The Fed plans to announce its interest rate decision on Wednesday.
- Gasoline prices in the U.S. recently hit their highest levels in four years.
- The announcement may be the final rate decision by Jerome Powell, whose term ends on May 15, 2026.
- Kevin Warsh, President Trump’s nominee to lead the Fed, faces opposition in the Senate Banking Committee due to a criminal investigation into Powell.
- The investigation was dropped by the Department of Justice last week, allowing Warsh’s nomination to move forward.
- Powell said he will stay in his role until Warsh is confirmed.
- The Fed has kept interest rates steady for the past two meetings after cutting them three times earlier in 2026.
- Warsh has a history as an interest-rate “hawk” but recently supports lowering rates.
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