⚠️ Wednesday could be Jerome Powell's final FOMC meeting as Fed Chair.
The Fed announces its rate decision at 2 PM ET, with Powell's press conference 30 minutes later.
The FedWatch tool is pricing a 99% chance of a hold at 3.50–3.75%, marking the 3rd consecutive pause.
Powell's term as Chair ends May 15, and his likely successor Kevin Warsh, sat for his Senate confirmation hearing on Tuesday.
If confirmed, he inherits a 3.50–3.75% rate, March CPI at 3.3%, and a dot plot penciling in just one 25bp cut for all of 2026.
A regime change with very little room to move and a market hanging on every word.