Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.
The announcement came a day after Treasury Secretary Scott Bessent said the administration was directing Republicans in Congress to drop a so-called revenge tax in response to international efforts to raise taxes on U.S. businesses.
Treasury Secretary Scott Bessent said the Group of 7 had agreed that penalties related to a 2021 “global minimum tax” deal would not apply to American companies.
Treasury Secretary Scott Bessent said the United States would work with nations to enact the agreement more broadly across the Group of 20 nations and the rest of the world.
The central bank is planning to reduce a capital buffer for the country’s largest banks, which critics warn will make the financial system less resilient.
Goldman Sachs, which has its global headquarters in Lower Manhattan, is among the large lenders that have been mandated to maintain a bigger buffer of capital against the assets on their balance sheet.
The Fed chair will tell lawmakers that the central bank can wait to see how President Trump’s tariffs affect the economy before lowering borrowing costs.
The Fed chair will tell lawmakers that the central bank can wait to see how President Trump’s tariffs affect the economy before lowering borrowing costs.
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