It’s the third Fed day of the year — and it’s set to be Jerome Powell’s swan song.
The Federal Open Market Committee announced it would hold rates steady, marking the third hold in a row. Powell’s term ends on May 15, making this meeting his last, pending the confirmation of Kevin Warsh, Trump’s nominee to be the next Fed chair.
The meeting also comes amid a new development in the Department of Justice probe into the Fed’s construction efforts on its DC buildings, a continued stalemate in the Strait of Hormuz, and ongoing inflation woes.
Despite the coming end of Powell’s time as chair, he said he’d stay on the FOMC as a governor until he’s convinced the DOJ investigation is “well and truly over.”
Business Insider will cover the news all day, including highlights from Powell’s press conference starting at 2:30 ET. Check back here for updates.
