The Federal Reserve held its key interest rate steady on Wednesday as Chairman Jerome Powell presided over his final meeting. Kevin Warsh, President Donald Trump's nominee to replace him, will take over prior to the next meeting on June 17. With oil prices continuing to jump on Thursday, markets see negligible odds of a rate cut before the end of the year.
The Federal Reserve held its key interest rate steady on Wednesday as Chairman Jerome Powell presided over his final meeting. Kevin Warsh, President Donald Trump's nominee to replace him, will take over prior to the next meeting on June 17. With oil prices continuing to jump on Thursday, markets see negligible odds of a rate cut before the end of the year.
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on March 18, 2026 in Washington, DC. Anna Moneymaker | Getty Images Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank's headquarters ...
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on March 18, 2026 in Washington, DC. Anna Moneymaker | Getty Images Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank's headquarters continues. "I've said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I'm encouraged by recent developments, and I'm watching the remaining steps in this process carefully," Powell said near the beginning of his post-meeting news conference. "My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined," he added. The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting. Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell's future. Powell's tenure as chair ends next month, but he has two years remaining on his seat as governor. The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote. "I plan to keep a low profile as a governor," Powell said. "There's only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair." This is breaking news. Please refresh for updates . Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
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