Fed changes leadership
The April meeting of the Federal Open Market Committee (FOMC) marked the end of Jerome Powell’s role as Chair of the Federal Reserve System’s (Fed) Board of Governors, bringing his eight-year tenure in that position to a close. Powell will not fully step away from the Fed. Instead, he will continue serving as a member of the Board of Governors after relinquishing the Chair position.
Powell said that he will remain as a Governor as long as the Justice Department’s probe into the cost of the renovations to the Fed’s headquarters remains active.
Following the April meeting of the FOMC, the Federal Reserve opted to maintain its current stance, leaving interest rates unchanged. The target for the federal funds rate remains at a top level of 3.75%, where it has stood since December 2025.
