Fed maintains interest rates as Jerome Powell prepares to step down

The Federal Reserve maintained interest rates at 3.5-3.75% during what is expected to be Jerome Powell's final monetary policy meeting as chair. Powell, who has led the Fed for eight years, announced that he will retain his position as a board member after his term as chair ends on May 15. Kevin Warsh is set to succeed Powell on that date, pending confirmation by the U.S. Senate. A Senate committee approved Warsh's nomination along party lines, with Republicans supporting the move while Democrats labeled him a political appointee of President Donald Trump. Powell expressed satisfaction regarding the closure of a criminal investigation against him. He stated that he intends to remain at the Fed until internal audits conducted by the inspector general regarding cost overruns at the institution's headquarters are concluded.