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Fed Holds Rates as Inflation Sticks, Warsh Nominated

4/30/2026

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Summary

Fed Holds Rates

On April 29 2026 the Federal Reserve (Fed) left its policy rate at 3.5%-3.75% after an 8-4 vote and said inflation is elevated with March CPI 3.3% and oil > $100 a barrel.
Beth Hammack, Neel Kashkari and Lorie Logan opposed easing bias.
Stephen Miran favored a 0.25-point cut.
The Senate Banking Committee advanced Kevin Warsh’s nomination in a 13-11 vote as Jerome Powell’s term ends May 15 2026, with Warsh staying a governor.

Summary

Powell Stays Fed

Federal Reserve (Fed) Chair Jerome Powell will stay a Fed governor after his chair term ends May 15, because the Justice Department dropped the criminal probe into the headquarters renovation.
Senator Thom Tillis lifted his block on Kevin Warsh’s nomination after the DOJ decision, enabling a 13-11 Senate Banking Committee vote.
Kalshi’s odds show a 30% chance Powell resigns by June, rising to 66% in August and 81% by year-end.

History

Historical Context

The 2008 financial crisis forced the Federal Reserve, under Chairman Ben Bernanke, to expand its balance sheet to about $2.3 trillion. Bernanke’s first term began in February 2006 and his second term was confirmed on Jan 28 2010 by a 70-30 Senate vote, a partisan backdrop echoed in Kevin Warsh’s 13-11 committee vote and the DOJ’s probe drop.

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Fed Holds Rates

On April 29 2026 the Federal Reserve (Fed) left its policy rate at 3.5%-3.75% after an 8-4 vote and said inflation is elevated with March CPI 3.3% and oil > $100 a barrel.
Beth Hammack, Neel Kashkari and Lorie Logan opposed easing bias.
Stephen Miran favored a 0.25-point cut.
The Senate Banking Committee advanced Kevin Warsh’s nomination in a 13-11 vote as Jerome Powell’s term ends May 15 2026, with Warsh staying a governor.

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