10:52 ET - Ahead of Wednesday's policy decision, a Fed meeting, likely to be Jerome Powell's last as the Fed chair, is now underway. The timing of Powell's departure as Fed chair was uncertain until just days ago, when a key Republican senator agreed to advance Kevin Warsh's nomination. If past transitions are any guide, Powell's colleagues are likely taking time in the boardroom this morning to salute his tenure. At Janet Yellen's last meeting as chair in 2018, New York Fed President Bill Dudley opened with remarks praising Yellen as a "great driver and an excellent navigator," and several other officials used part of their speaking time to recognize her leadership. Officials and staffers toasted her at a Tuesday evening reception before reconvening the next day to vote to hold interest rates steady. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

April 28, 2026 10:52 ET (14:52 GMT)

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