Fed watchdog finds no laws broken in $2.5 billion Fed renovation
The Federal Reserve inspector general also did not find fault with features the White House had complained were "ostentatious" and not compliant with the approved plans.
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The Federal Reserve inspector general also did not find fault with features the White House had complained were "ostentatious" and not compliant with the approved plans.
The Fed's first rate hike in more than three years underscores the challenge of taming inflation as the Iran war drags on.
The Fed increased its benchmark rate by 0.25 percentage points to battle resurgent inflation driven by soaring energy prices.
The Federal Reserve is likely to raise borrowing costs on Wednesday, and more hikes could be in store, according to economists.
The report comes at a pivotal moment for the Federal Reserve, which is scheduled to meet next week to decide whether to hike interest rates.
Strong hiring last month was driven by gains in education and in leisure and hospitality, with the nation's jobless rate remaining steady at 4.1%.
The Personal Consumption Expenditures index was unchanged from June, highlighting stubborn inflationary pressures.
A sudden slump in hiring has dramatically changed the outlook for the Federal Reserve's September interest rate decision.
Fed officials are leaving their benchmark rate unchanged for a fifth straight meeting, a sign they expect inflation to ease.
The central bank is widely expected to stand pat on Wednesday, but persistent inflation concerns are reshaping expectations for the rest of 2026.
The Supreme Court allowed Lisa Cook to continue in her post as a member of the Federal Reserve Board of Governors while legal proceedings over President Trump's attempt to fire her continue.
Alan Greenspan's lengthy reign at the Federal Reserve coincided with a period of stability from the mid-1980s until 2007.
U.S. inflation is expected to remain elevated through the end of the year, Fed officials say in their latest forecast.
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
As Powell steps down after more than eight years leading the Federal Reserve, economists say he helped steer the U.S. through historic shocks but misread inflation.
A "hawkish" turn at the Fed and stubbornly high inflation could delay interest rate cuts, according to Bank of America economists.
Senators voted along partisan lines, with Republicans backing Warsh's nomination to lead the Fed and Democrats on the panel opposing him.
U.S. Attorney Jeanine Pirro said Friday her office is dropping its criminal investigation into Fed Chairman Jerome Powell and the $2.5 billion renovation of the central bank's headquarters.
President Trump is fighting to reshape the Federal Reserve by replacing Chair Jerome Powell with Kevin Warsh — but if the Senate doesn't confirm Warsh by next month, it's not clear who will run the nation's central bank.
President Trump would love to be finally rid of Fed Chair Jerome Powell. But firing him would kick up a legal firestorm and roil financial markets, experts said.
In a Monday speech, Powell also touched on the impact of the Iran war, saying that longer-term inflation expectations remain in check.
Fed officials are grappling with a host of economic challenges, from stubborn inflation to a slowing job market.
Some economists think the Fed, facing inflationary pressures from rising energy prices, may not cut interest rates at all this year.
The president is turning to a former Fed official as his nominee to replace outgoing Chair Jerome Powell.
President Trump says he is nominating Kevin Warsh to be the next chair of the Federal Reserve, filling a powerful economic policy role as the president pushes for lower interest rates.
