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Powell plans to stay as Fed governor after chair termThe benchmark rate stays at 3.5% to 3.75%; Jerome Powell’s chair term ends May 15.
Key FactsApr 29, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: cbsnews.com
Summary created with AI assistance · Source: cbsnews.com
- Powell said he plans to remain on the Fed’s board as a governor after May 15, which Capital Economics described as unprecedented since 1948.
- The FOMC pointed to developments in the Middle East and said elevated inflation was linked to the recent increase in global energy prices.
- Four FOMC members dissented from the statement: Stephen Miran supported a 0.25-percentage-point cut, while three others opposed wording suggesting possible easing.
- Kevin Warsh, Trump’s nominee to succeed Powell, will face a Fed under political and economic pressure, while many economists expect rate cuts only later in 2026 or in 2027.
The institution is battered — we have had to go to the courts.— Jerome Powell, describing the Fed's independence and the legal challenges it has faced.
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The Globe and Mail Apr 30
Despite change atop the Fed, investor hopes for rate cuts hit hurdles : Energy price surge complicates path to lower rates
theglobeandmail.com/investing/article-despite-change-atop-the-fed-investor-hopes-for-rate-cuts-hit-hurdles/
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Key FactsStock Market Plummets After Fed's Rate Cut Signals
Dec 18, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: apnews.com
Summary created with AI assistance · Source: apnews.com
- U.S. stocks faced one of their worst days of the year as the Federal Reserve hinted at fewer interest rate cuts for 2025.
- The S&P 500 dropped 2.9%, with the Dow Jones and Nasdaq losing 1,123 points and 3.6%, respectively.
- The Fed cut its main interest rate for the third time this year but revised expectations to only two more cuts for 2025 instead of four.
- Smaller companies were particularly affected by rising interest rates, although Jabil saw a 7.3% gain despite overall market losses.
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