Story perspectives

Powell Stays, Fed Holds Rates, Warsh Wins Senate Vote

4/30/2026

Summary

Story summary

Fed Chair Jerome Powell said he will stay on Fed Board after term ends, move since 1948.
Fed kept funds at 3.5%-3.75% while DOJ closed criminal investigation into his office-renovation oversight, noting it could be reopened.
Senate Banking Committee approved President Donald Trump’s nominee Kevin Warsh as chair on 13-11 vote as Committee voted 8-4, largest dissent since 1992, three governors opposed easing bias and Stephen Miran supported a quarter-point.

History

Historical Context

In 1979 President Jimmy Carter appointed Paul Volcker as Federal Reserve chair and in October raised the federal-funds rate to 20%, restoring credibility after the 1978 Humphrey-Hawkins reporting mandate. The Senate Banking Committee’s 2026 debate over President-nominated Kevin Warsh revives that clash over Fed independence and political pressure, and heightened scrutiny of monetary policy.

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Story summary

Fed Chair Jerome Powell said he will stay on Fed Board after term ends, move since 1948.
Fed kept funds at 3.5%-3.75% while DOJ closed criminal investigation into his office-renovation oversight, noting it could be reopened.
Senate Banking Committee approved President Donald Trump’s nominee Kevin Warsh as chair on 13-11 vote as Committee voted 8-4, largest dissent since 1992, three governors opposed easing bias and Stephen Miran supported a quarter-point.

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