The April 29 meeting of the Federal Reserve System will go down in history perhaps not for its decisions but for its complete irrelevance for the formation of long-term strategies. The central bank left the base rate without changes in the range of 3.50–3.75%. We saw an extremely rare, by the measures of the Fed, split vote: one participant (Steven Miran) demanded an immediate cut, while three others (Hammack, Kashkari, and Logan) voiced harsh criticism of any "dovish" hints in the accompanying statement amid sticky inflation.
Markets and the financial media can dissect these disagreements for hours. But the harsh truth is that this is most likely nothing more than informational noise. The decisions of the current leadership of the Fed are already history. Jerome Powell is practically a lame duck, and what happens at his last meetings is probably absolutely not relevant for where the markets will move tomorrow.
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