April 29, 2026 marks a milestone for the Federal Reserve. Jerome Powell presides over his last Federal Open Market Committee (FOMC) meeting, followed by a press conference at 2:30 p.m. ET. The expected decision: hold the federal funds rate at 3.5% to 3.75%, the third consecutive pause since the start of the year.
Third Straight Rate Pause: 3.5%-3.75% Unchanged
Analysts widely anticipate no change. Powell sticks to the cautious playbook that defined his post-pandemic tenure. The rate band has not moved since early 2026; U.S. growth and inflation figures do not warrant an adjustment.
'THE LAST DANCE' Echoes Across Crypto Twitter
Market reaction is unusually loud. Crypto circles have branded the event “THE LAST DANCE,” treating Powell’s farewell as a bullish catalyst for risk assets. Bitcoin and Ethereum see renewed bids. Traders argue that a sustained rate pause keeps liquidity taps open, benefiting crypto directly.
Analyst Crypto Rover posted on X that the meeting “could be the pivot point for the next leg up.” The dovish continuity, combined with a leadership vacuum at the transition, creates a rare window for speculative assets.
Successor Kevin Warsh in the Spotlight
Powell’s term ends May 15. Nominee Kevin Warsh, a former Fed governor, awaits confirmation. Markets hang on every word of Powell’s press conference, looking for clues about Warsh’s likely policy bias. No new economic projections will be released; the chairman’s tone is the only guide.
The Fed’s official website confirmed the absence of a Summary of Economic Projections. That puts extra weight on Powell’s language during his final public appearance.
Risk Assets Respond: Crypto Already Moving
Part of the rally was priced in before the meeting, but crypto gains persist. The bullish case rests on three legs: Powell’s exit reduces policy uncertainty; Warsh may continue the hold; and a prolonged 3.5%-3.75% rate environment improves Bitcoin’s relative appeal. Some traders remain cautious, warning that a hawkish pivot from Warsh could erase recent gains. For now, all eyes are on Powell’s last dance.