The current president, Esther George, is set to leave office on Jan. 31. The reserve bank's search committee has no deadline for finding a full-time successor.

The Federal Reserve Bank of Kansas City's decision comes just hours after the Federal Reserve Board of Governors blocked the digital asset bank's bid to become a member bank.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

The decision does not end the digital-asset bank's goal of gaining access to the central bank's payment system, but it does make its road to approval more difficult.

Federal Reserve Vice Chair Lael Brainard is a top contender to become the head of the White House's National Economic Council, according to people familiar with the deliberations.

The Federal Reserve's quantitative-tightening program risks being propelled toward an early end as U.S. politicians bicker in Washington over raising the national debt limit, according to some economists and bond market participants.

Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.

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?

Federal Reserve Bank of Kansas City President Esther George said the central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.

The Wyoming-chartered digital asset bank is mounting a court challenge over how the Federal Reserve issues master accounts to applicants. Whatever happens, the suit will have broad consequences for the central bank and the banking industry.

After a slow start, the Federal Reserve got its efforts to combat runaway inflation up to speed quickly, implementing tightening monetary policy at the fastest rate seen in decades. Here's a hike by hike breakdown.