US News Live | Jerome Powell Breaks Silence On Trump’s Attacks On US Federal Reserve|Interest Rates
US News Live | Jerome Powell Breaks Silence On Trump’s Attacks On US Federal Reserve|Interest Rates
The US Federal Reserve chair, Jerome Powell, will remain on the central bank’s rate-setting board after his term as chair ends in May, a contentious move that signals continued uncertainty at the Fed.
Powell made the announcement after the Fed board on Wednesday left interest rates unchanged for the third time this year, despite Donald Trump’s continued demands for rate cuts.
The Federal Reserve will meet this week ahead of a looming leadership transition that remains fuzzy, and Wednesday’s news conference will be closely watched for any clarification.
Watch live as Federal Reserve Chair Jerome Powell holds a press conference following a two-day policy meeting that may be his last as chair before his term ends on May 15.
The Federal Reserve is widely expected to hold its benchmark interest rate steady on Wednesday afternoon amid uncertainty over when the conflict in the Middle East will be resolved.
Fed Chair Jerome Powell will hold what is expected to be his last press conference, given that the Senate banking committee is scheduled to vote Wednesday morning to confirm Kevin Warsh as the next chair, likely putting him in place by May 15, when Powell’s leadership term expires.
Investors will be looking to see how Powell frames the impact of the conflict on inflation and growth, and whether he cautions that sustained high oil prices could hurt growth and employment as well as inflation. Federal Reserve Chairman Jerome Powell is likely to stay on for a short time after his term as head of the central bank is over, bettors on prediction markets platform Kalshi estimate.
Bettors place a 30% chance Powell resigns as a member of the Fed Board of Governors by June. However, bettors are more confident that he does that by August or the end of the year, with 66% and 81% odds, respectively. Powell said after the March Federal Open Market Committee meeting he would not step down as a governor until the criminal inquiry into him by the Department of Justice was resolved. On Friday, the justice department dropped its probe into Powell.
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