Fed leaves interest rates unchanged - Powell says he will stay on as Fed chair after end of term
The US Federal Reserve has kept its benchmark interest rate unchanged for a third consecutive meeting, as policymakers face increased uncertainty related to the war in the Middle East.
The decision, which leaves interest rates in a range of 3.50% to 3.75%, is expected to be the last overseen by Chairman Jerome Powell, although he has signaled that he plans to stay on the central bank's board beyond the end of his term.
“Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook,” the Federal Reserve said in a statement after its two-day meeting. “Inflation has increased, reflecting in part the recent increase in global energy prices.”
The current decision highlighted sharp divisions within the Federal Reserve, with the most disagreements since October 1992. Three officials opposed language signaling possible future interest rate cuts, while a fourth called for an immediate interest rate cut.
The split highlights growing disagreements within the Federal Reserve's 12-member interest rate-setting committee ahead of the end of Mr. Powell's term on May 15.
He said he intends to remain on the Federal Reserve board for “an indefinite period of time,” citing concerns about what he described as “unprecedented” legal attacks by the Trump administration on the central bank. “I am concerned that these attacks are hitting this institution and putting at risk the things that really matter to the public,” he said.
Powell’s decision to stay would deny President Donald Trump an immediate opportunity to appoint a new governor. Mr. Trump’s nominee to succeed him as chairman, Kevin Warsh, has already been approved by the Senate Banking Committee. Powell said he would wait for the conclusion of an investigation into renovations to the Federal Reserve’s buildings before resigning.
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