Powell poised to keep rates unchanged in what might be his last meeting; Warsh advances

The Federal Reserve is expected to keep interest rates unchanged at its latest policy meeting on Wednesday, continuing a cautious approach as it weighs stubborn inflation against signs of economic resilience. Policymakers are expected to maintain the benchmark rate in the 3.5% to 3.75% range. Inflation remains above the Fed's 2% target, fueled by rising energy prices amid the war with Iran. As a result, officials are signaling that rate cuts are unlikely in the near term. Jerome Powell's term as Fed chair is set to expire on May 15, and Kevin Warsh is moving closer to confirmation as his replacement after the Senate Banking Committee voted 13-11 to approve him. Warsh could be confirmed by the time Powell's term ends.