Federal Open Market Committee (FOMC) maintains federal funds rate in 3.5%–3.75% range

Exam-focused facts from the 1 May 2026 current affairs briefing.

Key facts

The Federal Open Market Committee (FOMC) is projected to maintain the federal funds rate within the 3.5%–3.75% range.
The Federal Reserve (Fed) last conducted a rate cut in December 2025.
Year-over-year Consumer Price Index (CPI) inflation for March 2026 reached 3.3%, surpassing the Fed target of 2%.
Jerome Powell's tenure as Fed Chair concludes on May 15, 2026.
Kevin Warsh, who served on the Federal Reserve Board from 2006 to 2011, has been nominated by President Trump to replace Jerome Powell.