The recent pickup in inflation has led some economists to postpone their projections for when the Federal Reserve will begin cutting interest rates.
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The economy keeps growing, defying widespread fears from a year ago that 2023 would bring a recession, a consequence of the much higher borrowing rates the Fed engineered.
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First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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Michelle Bowman, the Fed’s vice chair for supervision, said the principles will “sharpen” the central bank’s focus and build “a more effective supervisory framework.”
The differences have been exacerbated by the government shutdown’s interruption of economic data, a particular challenge for a Fed that Chair Jerome Powell has often described as “data dependent.”
Chair Jerome Powell said in a news conference that another rate cut in December was “not a foregone conclusion.”
The names suggest that no matter who is picked, there will likely be big changes coming to the Federal Reserve next year.
The minutes provide insight into how the Fed’s policymakers were thinking last month about inflation, interest rates, and hiring.
Jerome Powell’s approach is in sharp contrast to some members of the Fed’s rate-setting committee who are pushing for faster cuts.
The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. The central bank’s focus has shifted quickly from inflation to jobs, as hiring has ground nearly to a halt in recent months
At this week’s Federal Reserve meeting, the decision it will make on interest rates—usually the main event—is just one of the key unknowns to be resolved when officials gather Tuesday and Wednesday.
Here are where things stand regarding Trump, the Federal Reserve, and its traditional independence.
The case could become a turning point for the 112-year old Federal Reserve, which was designed by Congress to be insulated from day-to-day political influence.
President Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations that she committed mortgage fraud.
Federal Reserve Chair Jerome Powell opened the door ever so slightly to lowering a key interest rate in the coming months but suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.
U.S. wholesale inflation surged unexpectedly last month, signaling that the president’s sweeping import taxes are pushing costs up and that higher prices for consumers may be on the way.
Americans are likely to absorb more trade-war costs in the coming months as Trump begins to finalize tariffs.
The jobs report that arrived last week, only a couple of days after the Fed voted on interest rates, showed that employers hired far fewer workers last month than economists expected.
Fed Chair Jerome Powell has held the benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact President Trump’s massive tariffs had on inflation.
The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly demanded that the central bank reduce borrowing costs.
President Trump argues that the Federal Reserve in general and Chair Jerome Powell in particular are costing U.S. taxpayers hundreds of billions of dollars in interest payments by not reducing borrowing costs.
Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.
President Trump made the statement less than 24 hours after suggesting in a private meeting that he was leaning in favor of dismissing the head of the nation’s central bank.
