Metropolitan Bank

The ’s met on April 29, 2026, and held the steady for the third consecutive meeting. Policymakers remain cautious about , particularly as geopolitical tensions in Iran continue to drive volatility in oil, natural gas, helium (a key input in semiconductor manufacturing), and fertilizer prices.
With U.S. still expanding at an annualized rate of 2.0% in the first quarter of 2026, the Fed appears in no rush to ease policy. As a result, are unlikely in 2026 and may not materialize until well into 2027.

Despite the war in Iran, we're not headed into a , but will be with us for months to come. March headline increased by 3.3%, the highest since 2022, and core CPI increased by 2.6%, year-over year, still above the Fed's 2.0% inflation target and expected to go higher in the coming months. That's more reason for the Fed's to do nothing to its overnight for the rest of the year, including at its next meeting on April 29, 2026.