Fed leaders convened in Washington as President Trump’s nominee, Kevin Warsh, secured a Senate committee vote, paving the way for a full chamber confirmation. Powell’s final news conference will address the economic fallout from the Iran war and his possible continuation as governor until 2028.

The June policy meeting will likely keep the federal‑funds rate at 3.5‑3.75%, its third unchanged stance. Energy price spikes—projected to rise 24% this year—feed higher inflation, while a cooling labor market pressures officials toward caution.

Energy and commodity price hikes could lift global inflation to 5.8%, straining developing economies. For U.S. borrowers, mortgage and credit‑card rates remain tethered to Fed moves, with current 30‑year fixed rates hovering near 6.23%.

Investor focus turns to the Fed’s next rate decision, which will signal whether policy will shift amid persistent inflation and a fragile job market.