In a speech delivered Thursday afternoon, the Federal Reserve's vice chair said she does not see a wage-price spiral driving inflation, but rather a "price-price spiral."

To cool inflation, the Boston Fed president said, the central bank may need to keep raising rates and then holding them steady for a while.

Powell, 69, received the positive test Wednesday and "is up to date with COVID-19 vaccines and boosters," the Fed said in a statement, adding that he is working remotely while isolating at home.

Six large banks will have to estimate the impact of a major hurricane in the Northeast and one other climate disaster on their real estate portfolios. Policy-related risks will also be explored.

Three-quarters of bank financial officers said they would very likely turn to Federal Home Loan bank advances to boost falling reserve balances. The top priority was to meet liquidity requirements set in stress tests.

A provision of last month's defense spending bill requires the Federal Reserve to maintain a public database of master account holders and applicants, but with days left on a pre-existing comment period, banks and researchers are hoping for greater transparency.

The Federal Reserve governor urged regulators not to squeeze crypto activities into non-regulated spaces. She also discussed policies for payments and Community Reinvestment Act reform.

In remarks delivered at a central banking symposium, Federal Reserve Chair Jerome Powell called for changes to money market funds and the Treasury market.

The JPMorgan Chase CEO said the Federal Reserve's rate hikes might need to go beyond what's currently expected, but he's in favor of a pause to see the full impact of last year's increases.

Esther George, the president of the Federal Reserve Bank of Kansas City, is retiring later this month. What's taking the bank so long to find a successor?