*Fed April 2026 – Key Changes in Short*
-Rates*: Held steady for 3rd straight meeting.
- Historic dissent*: 4 members dissented, first time since 1992. Three pushed back on “tilt toward easing” language.
- *Inflation stance*: Language toughened from “somewhat elevated” to “elevated”.
- New risk flagged*: Called out Middle East tensions + rising energy prices as “very high uncertainty”.