Yesterday, Jerome Powell wrapped up what’s likely his last FOMC meeting as Chairman. The Fed held rates steady at 3.5%-3.75%, citing ongoing uncertainty from inflation pressures, tariff effects, and geopolitical risks (including the Iran situation pushing up oil prices).
Powell called his time leading the Fed a “privilege” and confirmed he’ll stay on as a Governor after May 15 to help with the transition. He emphasized the central bank’s focus on its dual mandate — maximum employment and price stability — while staying data-dependent.
Key takeaway: No rush to cut rates in 2026. Patience is still the name of the game.
What do you think — will the next chair (Kevin Warsh?) bring a more aggressive shift?