On April 29, 2026, the Federal Open Market Committee (FOMC) held another meeting, where it was decided to keep the key interest rate at 3.5%-3.75%. Since December 2025, the regulator has not changed the parameters of monetary policy, with the last reduction occurring at that time by 0.25%.
This is reported by Business • Media
Crypto Market Reaction to the Fed’s Decision
The news of the unchanged rate triggered an immediate reaction in the cryptocurrency market. The price of Bitcoin dropped below the $75,000 mark but later partially recovered. The dynamics of Bitcoin’s exchange rate are illustrated in the BTC/USDT chart from the Binance exchange.
The next FOMC meeting is expected to take place around June 16-17, 2026. According to CME’s forecast, the probability of easing monetary policy in the near future is only 1.4%. At the same time, some experts predict that another rate cut may be possible by the end of 2026.
Change in Fed Leadership: Powell’s Term Ends
This meeting was the last for Jerome Powell as the Fed Chair — his term ends on May 15, 2026. In the future, Powell will continue to work on the Board, but the chair position is likely to be taken by Kevin Warsh. During the press conference, Powell stated:
“This is my last press conference as chair, and to conclude, I would like to share a few thoughts. First of all, I want to congratulate Kevin Warsh on passing through the Senate Banking Committee today. This is an important step forward, and I wish him success in the further process.”
Powell also commented on the closure of the Justice Department’s investigation against him, noting that he supports this decision but will continue to monitor the development of the case, which is now under the Fed’s control.
Key Economic Signals and Powell’s Comments
During the press conference, Jerome Powell highlighted several important trends in the economy:
- Inflation is rising primarily due to increased energy prices;
- Events in the Middle East are heightening uncertainty about economic prospects;
- Consumer spending remains stable, while business investment in fixed assets continues to grow;
- The housing market remains weak;
- In March, the unemployment rate was 4.3% and has hardly changed in recent months;
- The annual growth rate of prices for goods and services is 3.5%, while excluding energy and food, it is 3.2%;
- Short-term inflation expectations have risen due to rising oil prices;
- Peak levels in the current “energy shock” have not yet been reached; a decrease in oil prices is needed to stabilize tariffs;
- The Fed’s monetary policy remains flexible — both further increases and decreases in the rate are possible.
Experts also note the impact of geopolitical events, particularly the UAE’s exit from OPEC, on the oil market and, consequently, on the dynamics of crypto assets.