WS #6241

The dominant signal in this window is the Federal Reserve's April 2026 FOMC decision and press conference. The Fed held rates steady at 3.5%-3.75% as expected, but the decision was the most divided since 1992, with four dissents. Three officials (Hammack, Kashkari, Logan) opposed the easing bias language, while Miran voted for a cut. Powell confirmed this was his last meeting as Chair, stating he will remain as a Governor due to legal attacks on the Fed, denying Trump a vacancy. Powell described the economy as resilient, inflation elevated due to energy, and policy in a good place. The committee's center is moving toward neutral. Separately, the Senate Banking Committee advanced Kevin Warsh's nomination to be the next Fed Chair. On geopolitics, Trump vowed to maintain the Iran blockade, calling it 'more effective than bombing,' and Brent crude oil reached $115/barrel. US gasoline prices hit a four-year high of $4.23/gallon. Meta announced it will extend server life from 6 to 7 years due to a memory supply shortage, corroborated by WSJ and multiple sources. The UAE's exit from OPEC was hailed by Trump as a way to lower energy prices. Other notable items: Bill Ackman's Pershing Square USA (PSUS) flopped, falling 18% on debut; NXP Semiconductors (NXPI) rose 4% on a trading signal; and a major airline M&A was hinted at by a Bloomberg source.