April 29, 2026
Jerome H. Powell
April 29, 2026 FOMC Press Conference
- Powell said the unemployment rate was 4.3 percent in March, a figure not in the statement.
- He attributed part of the slowdown in job growth to lower immigration and labor force participation, alongside softened labor demand.
- Powell cited total PCE inflation at 3.5 percent and core PCE at 3.2 percent over the 12 months ending in March, attributing core inflation largely to tariff effects on goods prices.
- He noted that three FOMC members dissented over the statement's language, though all agreed with the rate decision, and that support for shifting to a more neutral stance had increased since March.
- Powell stated this was his last press conference as Chair, announced he would remain as a Governor after his term ends on May 15, and cited ongoing legal attacks on the Fed as his reason for staying.
From the opening statement
Press conference
CHAIR POWELL. Good afternoon. My colleagues and I remain squarely focused on achieving our dual-mandate goals of maximum employment and stable prices for the benefit of the American people. The U.S. economy has been expanding at a solid pace. While job gains have remained low, the unemployment rate has been little changed in recent months. Inflation has moved up and is elevated, in part reflecting the recent increase in global energy prices.
Today, the FOMC decided to leave our policy rate unchanged. We see the current stance of monetary policy as appropriate to promote progress toward our maximum-employment and 2 percent inflation goals. Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook, and we will remain attentive to risks to both sides of our dual mandate. I’ll have more to say about monetary policy after briefly reviewing economic developments.
Recent indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand at a brisk pace. In contrast, activity in the housing sector has remained weak.