Fed keeps key rate unchanged, with Powell congratulating Warsh as his potential replacement as chair

The Federal Reserve held its benchmark interest rate steady for a third consecutive meeting -- but indicated it may still move toward rate cuts in the months ahead, a decision that drew the highest number of dissents in nearly 34 years.

Chair Jerome Powell's term approaches its end on May 15, but he announced he's temporarily staying on as a member of the Board. He said he will leave "when I when I think it's appropriate to do so."

The announcement came soon after the Senate Banking Committee voted on party lines to approve former Fed governor Kevin Warsh as Powell's potential replacement.

"This is an important step forward and I wish him well as that process continues," Powell said of Warsh.

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