Shumita Basu

Inflation, meanwhile, continues above the 2% target.

Powell pointed to tariffs as a reason things are getting more expensive, but he sounded relatively relaxed that they would not lead to wider sustained inflation.

The decision matched Wall Street's expectations, and among the Fed's voting members, there was less division than previous decisions.

One analyst joked it was ultimately a very boring meeting during very extraordinary times.

Those extraordinary times are surely a reference to Powell's recent remarks criticizing the Trump administration for serving him with subpoenas as they investigate the costs of a building renovation, something Powell believes is a pretense to intimidate the Fed.

Yesterday, he largely avoided getting into that, but he was asked about his appearance at Fed Governor Lisa Cook's Supreme Court case, in which she's challenging Trump's attempts to fire her.

Amid Powell's assessment, there's been some broader economic shifts in recent weeks worth paying attention to.

Many investors feeling skittish about the security of the dollar have been turning to gold, which has been on a record-breaking run following Trump's threats over Greenland and broader geopolitical uncertainty.

The dollar, meanwhile, has been at a four-year low, which can make imports more expensive and increase costs when traveling abroad.

On the other hand, it can also boost exports and shrink trade deficits.

This week, Trump said the dollar was doing great, prompting speculation that he was deliberately following a policy of weakening it.

Goldman Sachs vice chairman warned on Bloomberg that declining global confidence in the dollar could ultimately create risks for the U.S.

The bigger economic picture will not be Powell's concern for much longer, as his term expires in May.

There's been much speculation about whether Trump will pick a successor who's more aligned with the president's priorities, though picking someone who will simply follow Trump's lead carries the risk of spooking the markets.

When asked yesterday about his advice for the next person to fill his shoes, Powell offered this.

For the first time yesterday, lawmakers on the Senate Foreign Relations Committee got a chance to ask Secretary of State Marco Rubio about the administration's military operation that ousted Venezuelan President Nicolas Maduro.

Democratic Senator Tim Kaine made an early comment about how long it's taken since the U.S.

first launched strikes on alleged drug boats to get a hearing on the books.

Rubio was called before the committee to answer questions about the mission and why the administration acted without consulting or seeking approval from Congress.

The situation around Venezuela remains tense.