Preview: Fed To Remain on Hold in April, Possibly the Last FOMC Meeting Chaired by Powell

In this paper, we discuss:

• The Fed is expected to remain on hold, maintaining a cautious, data-dependent stance;
• The Iran war is raising inflation via energy prices while weakening growth dynamics;
• Rate cuts are being delayed, with limited easing likely later in the year;
• Policy uncertainty is increasing, including around Fed leadership transition;
• The risk of a stagflationary environment constraining the Fed’s policy response.

Download PDF: Fed Preview – April 2026