Federal Reserve Chairman Jerome Powell is set Wednesday to make his final interest rate announcement. He wil announce the decision by the Federal Open Market Committee.

The committee is expected to hold interest rates steady, NBC News reported. 

Powell's term as chairman concludes May 15, but he could remain on the committee. 

His final interest-rate announcement comes on the same day the Senate Banking Committee is expected to recommend President Trump nominee Kevin Warsh replace Powell as the next chairman. If the committee recommends Warsh, he will then face a final vote from the full Senate, which is expected to vote in favor of his appointment. 

The global energy shock stemming from the U.S.-Iran conflict in the Middle East is creating economic uncertainty that will likely lead the Fed to hold interest rates steady, economists say.