Powell set to hold his last Federal Reserve meeting as chair : NPR
NPR • • general
Key Points:
- The Federal Reserve is expected to keep its benchmark interest rate unchanged at Wednesday's policy meeting, likely the final one chaired by Jerome Powell after more than eight years in the role.
- President Trump's nominee to replace Powell, Kevin Warsh, is set for a key Senate committee vote Wednesday, paving the way for a full Senate confirmation before Powell's term ends next month.
- A potential Senate vote block by Sen. Thom Tillis was lifted after the Justice Department dropped its investigation into the Fed, which was seen as part of White House pressure to lower rates.
- Warsh has pledged to maintain the Fed's independence, stating he would not take direction from the president on interest rate decisions, and highlighted potential for rate cuts due to productivity gains from artificial intelligence.
- Powell may remain on the Fed's governing board beyond his chairmanship through 2028, an unusual move that could help preserve the Fed's independence from political influence.
