The Fed’s leadership change is imminent: Waller takes over, and the internal divisions during the April FOMC are the most severe since 1992
On the early morning of April 30, 2026, the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) voted 8 to 4 to keep the target range for the federal funds rate unchanged at 3.50% to 3.75%, marking the third consecutive meeting with no change. However, beneath a decision that broadly aligns with market expectations, there lies the most intense policy split since October 1992. The composition of the four dissenting votes is highly dramatic: Stephen Miller, a Fed governor nominated by Trum