Federal Reserve Chair Jerome Powell pushed back on billionaire Elon Musk's claim the central bank is "absurdly overstaffed," saying the Fed has a careful budget process.

Federal Reserve Chair Jerome Powell discussed the central bank’s decision to hold the benchmark federal-funds rate at its current range around 4.3% after three consecutive rate cuts beginning in September,

During the disorienting flurry of Trump's executive orders, Fed Chair Powell issued an edict of his own. He's defending the borders of his job's mandate.

President Donald Trump has called out the Federal Reserve in recent weeks, urging the central bank to continue cutting interest rates. But Chair Jerome Powell said Wednesday that he hasn’t had any contact with the president and declined to comment on any of Trump’s remarks.

Central bank policymakers are widely expected to stand pat on interest rates. Investors await further details from Fed Chair Jerome Powell’s press conference.

There is so much uncertainty over potential tariffs and fiscal policy that “keeping things steady looks like the prudent move,” one economist said.

Fed Chair Jerome Powell said Wednesday that he continues to look at the overall progress that inflation has made in moving back toward the central bank’s 2% target. While the bank’s latest statement did leave out a December reference to strides made in the fight against inflation,

Jerome H. Powell has been a member of the Board of Governors of the Federal Reserve System (FRB) since May 25, 2012, appointed by then-President Barack Obama to fill an unexpired term. He was reappointed by Obama and sworn in on June 16, 2014, for a term that expires on Jan. 31, 2028.

Powell made clear that Fed policymakers are in no rush to reduce interest rates further, after lowering borrowing costs by a full percentage point in the final months of 2024. Whe