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Macro Score 88 Bearish

Fed Holds Rates Amid Internal Rift and Criminal Probe

Apr 29, 2026 22:31 UTC
SPY, US10Y, DX
Short term

The Federal Reserve has maintained current interest rates while revealing deep internal divisions over Middle East geopolitical risks. Chair Jerome Powell confirmed he will remain in his post until a criminal investigation into the central bank is concluded.

  • Interest rates remain unchanged by the Federal Reserve
  • Fed officials are divided on policy responses to Middle East conflict
  • Jerome Powell confirms a criminal investigation into the central bank is ongoing
  • Powell will not leave the Board of Governors until the probe is finalized
  • Institutional transparency is cited as a requirement for Powell's eventual exit

The Federal Reserve opted to keep interest rates unchanged during its latest policy meeting, but the decision was overshadowed by admissions of internal instability and legal scrutiny. While the rate hold itself may align with some expectations, the accompanying commentary suggests a central bank under significant pressure. Officials revealed a deepening division regarding the outlook for monetary policy, specifically concerning the impact of the ongoing conflict in the Middle East. This lack of consensus among policymakers introduces uncertainty into the Fed's future trajectory and its ability to respond cohesively to external shocks. In a surprising disclosure, Chair Jerome Powell addressed his future at the institution. Powell stated his intention to remain as a member of the Board of Governors, explicitly linking his tenure to the resolution of a controversial criminal investigation into the central bank. He emphasized that he will not depart until the matter is settled with transparency and finality. The combination of institutional legal risk and geopolitical disagreement creates a volatile backdrop for global markets. Investors are now weighing the stability of the U.S. monetary authority against the backdrop of an unprecedented criminal probe into its operations.

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