The Fed leadership change is coming soon: Уош will become the new head; disagreements within the FOMC in April are the most serious since 1992

On the early morning of April 30, 2026, the Federal Open Market Committee (FOMC) of the Federal Reserve (ФРС) decided, by a vote of 8 to 4, to leave the target range for the federal funds rate unchanged—3.50%–3.75%—without changing it for the third time in a row. However, behind a decision that outwardly appears to match market expectations lies the sharpest policy disagreement in history since October 1992.

The split among the 4 votes against is especially dramatic: board member Джефф Стивен? (appointed by Trump) supported a 25 basis point rate cut. Federal Reserve Chair of Cleveland Бетс Хаммарк, Federal Reserve Chair of Minneapolis Нил Кашкари, and Federal Reserve Chair of Dallas Лори Логан—together all three—supported keeping rates unchanged, but they strongly opposed retaining in the statement language with a dovish (liberal) tilt, such as “further adjustments.”

This is a very rare split by direction in the history of the Fed: among the four dissenters, one called for a softer policy, while the other three favored a more “hawkish” stance. Within the Fed, a fundamental divergence has already emerged in assessments of the inflation path, the transmission of energy shocks, and the outlook for the economy—and this rift is precisely arising in the key window when Chair Powell’s term is coming to an end, with Уош already being lined up to succeed him.