Fed keeps interest rates on hold as Powell declares he will stay on as a governor
The US Federal Reserve kept its base interest rate on hold, with three members indicating potential rate increases in the future. Fed Chair Jerome Powell announced he will stay on as a governor after stepping down as chair, citing legal attacks by the Trump administration.
The US Federal Reserve has kept its base interest rate unchanged. Three members of the Federal Open Market Committee indicated they may support rate increases in the future. Jerome Powell, the current Fed chair, will step down on May 15 and be replaced by Kevin Warsh, a Trump appointee. Powell announced he will remain as a governor, citing ongoing legal attacks by the Trump administration. The decision may lead to divisions within the Fed's board of governors. Powell's decision follows the closure of a criminal investigation into cost overruns on Fed building renovations.
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