Fed Holds Rate, Dissenters Emerge, Powell's Future Uncertain

0:00On April 29, the Federal Reserve held its benchmark interest rate steady at 3.6% for the third meeting in a row, but dropped. Hence of possible cuts down the line. That decision sparked the most descents from official since October 1992, with some pushing to drop cut talk, or even slash rates right, away. Meanwhile, the Senate Banking Committee gears up to vote on nominating Kevin Worsh to replace Jerome Powell as Fed Chair. This pick from January looks headed for party line approval before hitting the full Senate next month. Folks are buzzing about the drama, especially with Powell eyeing a stay on the board until January 20, 28, that could block Trump's influence, spark a rare two-chair showdown, and amp up policy splits amid his push for quicker cuts. Digging deeper, inflation's climb to 3.3%, a two-year peak fueled by the Iran War, jacking up gas prices. Some markets cooling too, with hiring nearly stalled, though layoffs stay low, and an employment

1:01dipped to 4.3% in March. As the Fed weighs the war's fallout, watch for tweaks to their statement that might open the door to Hikes instead. This leadership shake-up hits right when the economy's too foggy for easy calls, keeping everyone on edge. From across the country, powered by AI, this is US News Today. I'm Cory with The Story.