US Fed Policy Announcement (Apr 2026)

While leaving interest rates unchanged today, the Fed maintained its easing bias, reinforcing our view that its next move is more likely to be a cut than a hike. That said, the Fed's communications were more hawkish than in March. In particular, pushback from regional Fed bank presidents against retaining this easing bias highlights growing concern over the inflation outlook, brought into sharper focus by front-month WTI futures rising back above $100 per barrel in recent days.