Did the Federal Reserve raise or lower interest rates at its April 29 meeting?

Rate Decision

The Federal Reserve announced it would hold interest rates steady at its April 29 meeting. This marks the third consecutive meeting in which the Fed has left rates unchanged. The decision was characterized as a hawkish hold, meaning the Fed maintained a firm stance despite keeping rates at their current level.

Dissent and Internal Divisions

The Fed's decision revealed significant divisions within the committee over interest rate stance. The meeting produced the highest level of dissent since 1992, indicating disagreement among Federal Reserve officials about the appropriate direction for monetary policy.

Significance of the Meeting

This was Jerome Powell's final decision as Federal Reserve Chair. The steady hold came amid broader economic conditions including geopolitical tensions related to an Iran war and significant movements in currency markets, with the dollar surging to near two-year highs following the announcement.

Market Impact

The Fed's rate decision had immediate market effects, with the Dow falling 400 points following the announcement. The dollar gained strength in response to the Fed's hawkish hold stance.