Fed Holds Rates Steady, Powell Era Nears End

The Federal Reserve held interest rates steady for the third consecutive meeting, keeping its benchmark rate unchanged as policymakers continue to weigh inflation trends against economic conditions. The decision signals the Fed is in no rush to cut or raise rates, preferring to wait for clearer data before moving. Jerome Powell chaired what is likely his final policy meeting, with his term as Fed chair ending May 15. His departure marks a significant leadership transition at the world's most influential central bank. Markets and economists will watch closely to see who the White House nominates as his successor, since the new chair's stance on inflation, employment, and rate policy will shape borrowing costs and financial conditions for years. A chair seen as more dovish could raise expectations of faster rate cuts, while a hawkish pick could push rate expectations higher. The transition adds a layer of uncertainty at a time when the Fed's next move on rates is already closely contested.