FOMC April 29 2026 Recap: Fed Holds at 3.50-3.75% — Powell's Last Press Conference, Miran Dissent, and the Stagflation He Won't Name

# FOMC April 29 2026 Recap: Fed Holds at 3.50-3.75% — Powell's Last Press Conference, Miran Dissent, and the Stagflation He Won't Name

> **Quick answer:** The Federal Reserve held rates at 3.50-3.75% on April 29 2026, marking its third consecutive pause. Jerome Powell chaired his almost certainly final press conference as Fed chair — his term expires May 15 — and delivered a quietly historic session: a flat denial of stagflation, a startling admission on the labor market, a second dissent from Governor Stephen Miran, and the surprise revelation that Powell will remain as "chair pro tem" if Kevin Warsh is not confirmed in time.

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

The FOMC April 29 2026 decision arrived at exactly 2:00pm ET: rates unchanged at 3.50% to 3.75%, the third consecutive hold since March. But the rate number was the least interesting thing about the afternoon. Jerome Powell walked into his likely final press conference knowing he would not be there for the next one — and he said more than markets were expecting.

S&P 500 finished at 7,133.90, down 0.56%. Nasdaq fell 1.05%. The 10-year Treasury yield climbed 5 basis points. That is not a dramatic reaction — but it is a meaningful one for a meeting where the decision itself had been 99.9% priced in by CME FedWatch.

## The Decision: Third Pause, One Dissent, New Language