Fed Keeps Rates Unchanged, Powell's Term Ends

0:00On April 29, the Federal Reserve is set to keep interest rates unchanged at their meeting this Wednesday, which could mark the end of Jerome. Powell's time as chair officials are worried about inflation picking up again thanks to spiking oil prices from the U.S.-led conflict with Iran. They fear these energy costs might push prices higher for good, meaning rates they put longer than planned. Traders aren't betting on any rate cuts until the middle of next year, doubting the next-bed leader, i.e. Kevin Warsh, can sway folks toward easier policy. With talk of boosting productivity, recent data shows a strong job market unemployment dipped to 4.3 percent in March, but inflation remains stubbornly high. Economists like those at JPMorgan say the talk inside the Fed might lean a bit tougher on inflation, though not enough to signal rate hikes. The decision drops at 2 p.m. Eastern daylight time, followed by Powell's press conference 30 minutes later. Warsh's nomination gained steam last week after the Department of Justice ended a probe into a Fed building project, clearing a path for the Senate.

1:04Banking committee to vote on his confirmation, the same day. With Republicans holding the Senate, he's likely headed for approval. Powell's chair term wraps on May 15th, but his board seat runs through January of 2028, and he has a ruled-out sticking around it. It's best for the Fed. Eyes are on how this all shakes out for the economy ahead. National News, powered by AI. This is US News Today.