United States · Business news · Economy · 29 Apr 2026
The FOMC kept the federal funds target range at 3.50%-3.75% on April 29, saying activity was expanding at a solid pace, job gains had remained low and inflation was elevated partly because of higher global energy prices. Governor Stephen Miran dissented in favour of a quarter-point cut, while Beth Hammack, Neel Kashkari and Lorie Logan backed keeping rates unchanged but objected to keeping an easing bias in the statement.
The split showed policymakers torn between a soft labour market and energy-driven inflation, with three voters already resisting any signal of easing. Banks' lending margins, mortgage-sensitive homebuilders and real estate trusts, and companies refinancing floating-rate debt are the most directly exposed to how long rates stay at this level. It was Jerome Powell's final meeting as chair before Kevin Warsh was confirmed in May.
Reported by Federal Reserve — “Federal Reserve issues FOMC statement” ↗ on 29 Apr 2026.
Official series on 29 Apr 2026 or the last day before it, and the latest observation.
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