Fed Holds Steady as Powell’s Era Winds Down, Warsh Nomination Advances

The Federal Reserve is expected to keep its policy rate at 3.5%–3.75% in what is likely Jerome Powell’s final meeting as chair, with a downstream focus on his future and the Fed’s independence. Kevin Warsh’s nomination to chair the Fed has cleared the Senate Banking Committee and moves toward a full vote. Markets price no rate change, Powell is set for a post-meeting press conference, and the day also features developments around a Supreme Court case over a Fed governor’s removal and broader questions about presidential influence on the central bank.