Preview: Powell Takes the Stage Tonight, Fed Chair's Regular Public Q&A Session Could Become History

BlockBeats News, April 29. Tonight at 2 a.m. (Beijing time on April 30), the Federal Reserve will announce its interest rate decision. According to CME FedWatch Tool data, the probability of no change in April rates is now 100%. Federal Reserve Chairman Powell will then hold his last formal press conference during his tenure, possibly marking the end of regular public Q&A sessions by top Fed officials. Supporters of regular press conferences by the Fed Chair argue that it allows the central bank to shape the narrative around its rate decisions and helps the market digest Fed policy. However, some critics, including Trump's nominee for Fed Chair successor Kevin Warsh, believe there is overcommunication by Fed officials. Warsh is likely to be confirmed before the Fed's next policy meeting in mid-June and has hinted that he may altogether cease holding regular press conferences.

Powell began holding press conferences after each meeting in early 2019, less than a year into his tenure. Powell had expressed his desire to "summarize the economic conditions in plain language" as monetary policy affects everyone. While testifying before the Senate Banking Committee last week, Chair-elect Warsh hinted that he may discontinue the press conferences, stating, "You have to have some important news to share when you hold a press conference."