Fed split 8-4 in April; Powell's final meeting, Warsh confirmation nears

The Fed held rates at 3.5-3.75% for a third straight meeting, but four officials dissented, including Miran's vote for a 25bp cut, marking the largest split since October 1992. The Senate Banking Committee advanced Kevin Warsh's chair nomination, setting up a floor vote in the week of May 11 and raising the possibility that the June 16-17 FOMC will be chaired by a new Fed chief.