Story perspectives

Fed Holds Rates, Powell’s Final Meeting; Warsh Nominated

4/30/2026

Summary

Fed Holds Rates

The Federal Reserve (Fed) kept its rate at 3.5%-3.75% on April 29, 2026 after an 8-4 FOMC vote, the split since 1992.
Beth Hammack, Neel Kashkari and Lorie Logan rejected easing bias as Stephen Miran urged a 0.25-point cut.
Fed Chair Jerome Powell said this was his last meeting, term ends May 15, and he will stay on Board.
The Senate Banking Committee advanced Kevin Warsh to Fed chair by a 13-11 vote.

Summary

Trump Mocks Powell

U.S. Attorney Jeanine Pirro closed DOJ probe of Fed Chair Jerome Powell’s testimony and referred it to inspector general.
Sen. Thom Tillis said he will back Kevin Warsh’s confirmation, calling the probe a threat to Fed independence.
Sen. Elizabeth Warren warned bogus charges aid President Donald Trump’s pressure on the bank.
President Donald Trump mocked Fed Chair Jerome Powell as “Too Late,” prompting Powell to claim legal assaults threaten independence.

History

Historical Context

In July-August 1979 President Jimmy Carter appointed Paul Volcker as Fed chairman; he raised the federal funds rate to a June 1981 peak of 20%, cutting inflation from a 14.8% March 1980 high to below 3% by 1983. The 2026 Senate Banking Committee’s vote to confirm Kevin Warsh, backed by Senator Thom Tillis, echoes that era’s politicized appointments while Donald Trump attacks Jerome Powell’s independence.

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Fed Holds Rates

The Federal Reserve (Fed) kept its rate at 3.5%-3.75% on April 29, 2026 after an 8-4 FOMC vote, the split since 1992.
Beth Hammack, Neel Kashkari and Lorie Logan rejected easing bias as Stephen Miran urged a 0.25-point cut.
Fed Chair Jerome Powell said this was his last meeting, term ends May 15, and he will stay on Board.
The Senate Banking Committee advanced Kevin Warsh to Fed chair by a 13-11 vote.

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