Fed leaves rates unchanged at Jerome Powell's final meeting as chairman

The U.S. Federal Reserve's next meeting in June is likely to be led by Kevin Warsh after he cleared a Senate Banking Committee vote on Wednesday. What to know : The Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75% for a fourth consecutive meeting as it weighs persistent inflation against slowing growth. Likely presiding over his final meeting, Chairman Jerome Powell is expected to use his post-meeting press conference to signal how inflation risks may affect the timing of potential rate cuts (or hikes) later this year. Kevin Warsh cleared a Senate Banking Committee vote earlier Wednesday, putting him on track to take over leadership at the Fed when Powell's term ends on May 15.