Federal Reserve officials voted 11–1 to stand pat on interest rates Wednesday, shifting the focus to a looming leadership shake-up as Jerome Powell approaches the end of his term.

Markets had widely expected the central bank to hold its benchmark rate in the 3.5% to 3.75% range, extending a stretch of elevated borrowing costs even as inflation continues to run above the Fed’s 2% target.

What’s drawing the most scrutiny isn’t the decision itself, but Powell’s next step. With his tenure as chair set to expire May 15, investors are watching for any hint on whether he will depart or remain on the Board of Governors — a move that could shape perceptions of the Fed’s independence.

At the same time, Kevin Warsh is inching closer to the top job after his nomination cleared the Senate Banking Committee, setting up a final confirmation vote in the coming days.