Economy News

Fed holds at 3.5–3.75% in Powell's last meeting as chair, with the most dissents since 1992

The US Federal Reserve held its benchmark rate at 3.5% to 3.75% on Wednesday 29 April, its third straight hold of 2026, in Jerome Powell's last meeting as chair; his term as chair ends on 15 May. CNN reports four dissents, the first time since October 1992 there have been four of any kind. Governor Stephen Miran wanted a cut, his sixth straight dissent in that direction, while Beth Hammack, Neel Kashkari and Lorie Logan objected to an “easing bias” in the statement.

The statement said inflation “is elevated, in part reflecting the recent increase in global energy prices”. Fortune notes March inflation was 3.3%, the highest in two years, oil is up roughly 50% since the war with Iran began on 28 February, and Brent rose more than 5% that day alone to about $118 a barrel.

“These are really tough, difficult judgments.” — Jerome Powell, via CNN

How each outlet framed it

• CNN — the vote split, and Powell's message that a hike is not imminent, though the Fed would move to a hiking bias if it decided one was needed.
• Axios — Powell saying there “doesn't need to be any rush” to decide, with the next 30 to 60 days able to change the picture, and inflation above target for five straight years.
• Fortune — the handover: Kevin Warsh's nomination cleared the Senate Banking Committee 13–11 on party lines, and an early cut would need seven votes on the rate-setting committee that he does not yet have.

Where the reports differ: CNN says Powell will stay on as a governor through January 2028. Axios quotes him staying “for a period of time to be determined”, citing legal attacks on the institution, and Fortune ties his stay to the dropped Justice Department investigation being “well and truly over”.