The Federal Reserve kept interest rates on hold, pointing to the possibility of higher inflation from surging energy costs. It was Jerome Powell's last meeting as chairman; the Senate Banking Committee approved the appointment of Kevin Warsh as his replacement shortly before the end of the Fed's meeting. Mr Powell will remain at the central bank as a governor. In his final press conference he warned of the threat from Donald Trump's "legal assaults" to the independence of the Fed. The Justice Department has announced that it is dropping its investigation into Mr Powell, though one official has suggested the case could be reopened.
