India, April 29 -- Federal Reserve Chair Jerome Powell is set to make an address Wednesday at 2:30 PM ET following what could be one of the most closely watched Federal Open Market Committee meetings of his tenure, and potentially his final one as Fed chair before his term expires on May 15.

The Fed reconvened at 9 AM local time Wednesday for the second day of its policy meeting, with officials widely expected to leave benchmark interest rates unchanged for a third consecutive session, likely maintaining the federal funds rate in the 3.50% to 3.75% range.

This meeting comes at a uniquely volatile moment for the US economy. The Fed is balancing stubborn inflation, softening job growth, and fresh uncertainty caused by rising energy prices...