The Federal Reserve held interest rates steady on Wednesday as Fed Chair Jerome Powell presided over what will likely be his last meeting as chief of the central bank.
The committee decided to maintain the target range for the federal funds rate at 3.5 to 3.75 percent.
Policymakers maintained their short-term rate at 3.6 percent and included language in their statement suggesting that their next move would be a rate reduction.
Three officials dissented in favor of removing the reference to a future cut, while a fourth, Stephen Miran, dissented in favor of an immediate rate cut on Wednesday.
The decision comes amid 3.3 percent inflation, above the Fed’s 2.2 percent target, and economic uncertainty driven by geopolitical conflict.
Powell is scheduled to hold a news conference Wednesday afternoon to possibly announce whether he will remain on the Federal Reserve’s board of governors even after his term as chair ends May 15.
Powell's term on the board runs through January 2028.
The big decision comes the same day as President Donald Trump’s pick to succeed Powell cleared a key vote Wednesday, paving the way for a full confirmation vote in the GOP-led Senate.
Wednesday’s vote brings Warsh one step closer to becoming the next chair of the central bank, setting up a final confirmation vote in the GOP-led Senate.