U.S. central bankers said the next phase in their campaign to curb inflation will be to debate how high to raise interest rates and when to slow the pace of increases.

Federal Reserve Bank of St. Louis President James Bullard's reported speaking engagement at an invitation-only private event hosted by Citigroup last Friday may have violated the central bank's communications guidelines, central bank watchers said.

The Federal Reserve sounded a note of caution on the U.S. economy, which expanded "modestly" through early October with slowing activity raising recession concerns amid some indications of easing inflationary pressure.

Some regional Federal Reserve bank directors last month favored raising a key interest rate by a smaller or larger amount than the 75 basis points that policymakers ultimately decided was needed to curb persistent inflation.

Almost two-thirds of banking executives believe the U.S. will see its highest interest rates this cycle in the first half of next year. And close to 60% of executives said they are concerned the Federal Reserve is hiking rates too quickly.

The industry needs a leader to be the face of a lawsuit challenging the proposal. The author nominates JPMorgan Chase's Jamie Dimon.

Federal Reserve Bank of Atlanta President Raphael Bostic said his asset managers made trades that broke central bank rules, leading Chair Jerome Powell to open a probe in the latest chapter of an broader Fed ethics scandal.

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

By declining to hear from the financial services industry as it reviews existing capital rules, the Federal Reserve risks making "consequential errors."

The latest bout of global financial volatility has heightened concerns about regulators' continuing failure to resolve liquidity problems with U.S. Treasuries — the debt that serves as a benchmark for the world.