FOMC - Apr 2026

April 30, 2026

Jerome Powell, in his last news conference as Fed Chair, unveiled the most divided vote during his tenure. This division may be a combination of the uncertainty caused by global events as much as it might be individual voting members voicing that they will not be sock puppets to the administration.

Rates and Market:

Fed Funds Target: 3.50% – 3.75%.
Market Reaction: Fed Funds futures are pricing a 33% chance of a 25bp rate hike by April 2027.

The FOMC announced the following actions and analysis:

8-4 policy vote. Governor Miran was the only vote in favor of a 25bp cut.
Fed officials said the economy is expanding "at a solid pace" with "low" job gains and the unemployment rate has been "little changed", all of which are identical to the March statement.
The Committee said, "Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook."
The Committee also noted that it is “prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." These goals are price stability and maximum employment.

FOMC Statement
Implementation Note issued April 29, 2026

Previous Report

FOMC - Mar 2026 (03/18/26)

Amidst elevated uncertainty about economic outlook and uncertain implications of developments in the Middle East, the Fed maintains a pause for the second consecutive time. The Fed revised projections for GDP and inflation higher, while implied projection for interest rates unchanged from December.