“The Federal Reserve left interest rates steady Wednesday in what was almost certainly Jerome Powell's final meeting as its leader”

“The central bank's policy committee left its target interest rate in a range between 3.5% and 3.75% for the third straight meeting to start 2026 and made only small changes to its policy statement.”

“Three reserve bank presidents — Beth Hammack (Cleveland), Neel Kashkari (Minneapolis) and Lorie Logan (Dallas) — dissented not against the rate decision, but because they "did not support inclusion of an easing bias in the statement at this time."”

“Governor Stephen Miran also dissented, but in the other direction, favoring an interest rate cut.”

“The four total dissents were the most there have been at a Fed policy meeting since October 1992.”

“The clause in the policy statement the three dissenting reserve bank presidents object to is language, repeated from recent statements, that in considering "the extent and timing of additional adjustments" to rates, the Fed will carefully assess data, the outlook and balance of risks.”

“Powell's term as chair concludes May 15, and Warsh's nomination to be his successor advanced through the Senate Banking Committee Wednesday morning.”

“Warsh appears on track to be confirmed by the full Senate well before the next Fed meeting in mid-June.”

“Earlier in the press conference, Powell said that he would remain on the Board of Governors "for a period of time to be determined," citing concerns about legal attacks on the institution.”