Powell's Last Stand Killed The Rate-Cut Trade: What's The Risk Of A Hike Now?

Jerome Powell used his final press conference as Federal Reserve chair to deliver an unexpected message: he is not leaving the Fed.
When his term expires on May 15, Powell plans to remain on the Board of Governors, citing what he called "unprecedented" legal assaults on the central bank — a move that could reshape the balance of power inside the Federal Open Market Committee.
The implication for markets is immediate. With Powell staying on and Kevin Warsh set to take over as chair, the perceived tilt toward dovish policy may be less dominant than investors had assumed.
What Did The Fed And Powell Say?
The Fed held rates steady at 3.50%-3.75% on Wednesday, but the takeaway from the meeting was far from a simple hold.
While Stephen Miran wanted a quarter-point cut, Beth Hammack, Neel Kashkar