The Federal Reserve held interest rates steady at the conclusion of its policy meeting on Wednesday.

In what could be Jerome Powell's last as chair before President Donald Trump's yet-to-be-confirmed nominee Kevin Warsh takes the helm, central bankers maintained the federal funds rate in a target range of 3.5% to 3.75%.

Inflation has surged since the war with Iran began, leaving policymakers with limited room to act, according to Sean Snaith, the director of the University of Central Florida's Institute for Economic Forecasting. "We're in a kind of suspended animation — between Iran and the Fed transition," Snaith said.

Read more CNBC personal finance coverage

Fed keeps interest rates unchanged in April: What that means for you

This free tax withholding tool could make it easier update your paycheck

Women tend to be 'risk-appropriate' investors, expert says: How that helps

Nearly half of 2025 retirees stopped working sooner than they expected: Survey

Social Security benefits can be reduced for…