FOMC Minutes May 20: What Powell's Last Meeting Reveals About Warsh's June Hike Decision

# FOMC Minutes May 20: What Powell's Last Meeting Reveals About Warsh's June Hike Decision

> **Quick answer:** The Fed releases minutes from Powell's final April 29-30 FOMC meeting on Wednesday May 20 at 2:00 p.m. ET. Markets want three things: evidence that officials discussed rate hikes (not just cuts), the exact reasoning behind the historic 8-4 dissent, and any language suggesting the June 16-17 meeting under new Chair Kevin Warsh could break from the easing bias. The macro backdrop has shifted dramatically since April 30 — CPI is now 3.8%, PPI is 6%, and Moody's just downgraded US sovereign debt — making these minutes a historical artifact as much as a live signal.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

The April 29-30, 2026 FOMC meeting was supposed to be routine — another hold, another press conference, another batch of "elevated but normalizing" inflation language. Instead, it produced the most fractured Fed vote since October 1992. Eight officials voted one way. Four voted another — and for three different reasons. Now, three weeks later, the macro landscape Powell's committee analyzed looks nothing like what Warsh inherited.

That gap between April 30 and today is exactly what makes Wednesday's minutes release so market-moving.

## The Meeting Powell Left Behind: 8-4 and a Historic Dissent