The decision to keep rates unchanged at today’s FOMC meeting was as much of a certainty as there is in financial markets. That left three main questions for markets: Would the language in the statement change? Would there be a change in dissenters? Would Powell say anything about his plans after his term ends May 15?

On the language, there were minor tweaks in the statement, highlighting the Middle East uncertainty, elevated inflation and solid economic growth. Overall, not really much change. But the dissension continued to evolve. The voting on the policy rate this time around stayed the same with only Miran dissenting. However, Beth Hammack, Neel Kashkari, and Lorie Logan wanted to alter the statement by removing the “easing bias”, and instead balance it with commentary that the next move rate move is just as likely to be a hike as a cut. It was a continued Hawkish evolution of the committee.

We saved the biggest news for last. Powell announced his decision to stay on as a Governor after his term as Chair ends on May 15. His decision was based on his concern from the legal attacks on the Fed, and not from the “verbal criticism” lobbed his way. The potential for Powell to stay on as chair pro-tempore, however, is likely gone after the Senate Banking Committee today voted to advance Kevin Warsh’s nomination as Fed chair to a final, full Senate vote.

Overall this was a somewhat hawkish Fed meeting but not dramatically so as this has largely been playing out publicly over the last few months as members of the Committee aired out their differing opinions, which have now been memorialized.