Four key takeaways from Jerome Powell's last rate decision as Fed chair

Four key takeaways from Jerome Powell's last rate decision as Fed chair13 minutes agoShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterGetty ImagesThe Federal Reserve has held US interest rates steady after what was expected to be Jerome Powell's last meeting as chair.Hours after his successor Kevin Warsh won the backing of a key Senate committee to take up the role next month, Powell announced the Fed's rate would stay between 3.5% and 3.75%.It followed continued pressure from US President Donald Trump on the Fed to lower interest rates, with the president having criticised Powell throughout his presidency.Warsh is expected to face the same pressure from Trump, but has vowed to uphold the central bank's independence when he takes over from Powell.After the bank's latest decision on Wednesday, Powell gave a press conference covering topics from the Iran war to Trump's attacks on the Fed. Here are the four key takeaways from a significant day for the future of the US central bank.Interest rates held as Iran war uncertainty loomsThe Fed kept up its 'wait and see' approach to the economic uncertainty sparked by the US-Israel war in Iran.The conflict has pushed up energy costs and is feeding through to higher prices at the pump and more expensive grocery bills.Against that backdrop, the Fed decided it was best to keep interest rates steady as it waits for clarity on how long the conflict will last – and how bad the fallout becomes.Hopes of any imminent rate cuts were dashed when it was revealed March's inflation figure had shot up to 3.3%, the highest it has been since May 2024, but the Federal Reserve's statement suggested it would cut rates when it next meets.However, Samuel Tombs, chief US economist at Pantheon Macroeconomics, said Wednesday's fresh oil price bounce, spurred by expectations the US will maintain its blockade of Iranian ports for the long haul, could see rate cuts delayed until 202...