🚨 #BREAKING 🚨
🚨 Powell confirms he will step aside at the end of his term as chair but remain on the Fed’s board
• As expected: For the third time this year, the Federal Reserve said it is holding interest rates at their current range of 3.5% to 3.75%. However, four Fed officials dissented from the consensus, the most in 34 years.
• Last stand: Fed Chair Jerome Powell is finishing up his last few days as head of the US central bank, with his term expiring May 15. His press conference this afternoon marked his final appearance before reporters as Fed chair, he said, though he will stay on as governor for a brief period.
• Next in line: Kevin Warsh, who is President Donald Trump’s pick to succeed Powell, cleared a key hurdle Wednesday and his nomination now advances to the full Senate for final approval.
• Your move: The Fed has held pat on interest rates all year, citing uncertainty from the Trump administration’s policies and the conflict in the Middle East. Trump has said he expects his new chair to cut rates. But today’s 8-4 decision indicates that might be a challenge.