By Howard Schneider AMELIA ISLAND, Florida (Reuters) -Federal Reserve officials said on Tuesday that higher prices are coming on the back of rising U.S. import tariffs, with the open question now whether the inflation shock will be fleeting or more persistent.

The profit the Fed makes on issuing dollar cash may be going away as well. Cash continues to decline as a share of total payments. The White House and Republicans in Congress have made clear that the Fed is not to replace dollar cash on its own balance sheet with any other kind of liability, such as a digital currency.

U.S.WASHINGTON, May 23, 2025 (GLOBE NEWSWIRE) -- According to former White House and Pentagon Insider Jim Rickards, two major shifts are now unfolding: the possible closure of the IRS and the unlocking of a $150 trillion natural resource windfall beneath U.

The Supreme Court granted President Trump’s emergency request to fire federal commissioners but signaled the Federal Reserve was off limits from White House interference. Strategists at Jefferies nonetheless see bearish implications,

Atlanta Fed President Raphael Bostic explained it would take time for the central bank to fully understand the economic effects of the White House’s new tariff policy. Because of that prolonged process, he only saw room for one interest rate cut this year.

The White House’s chief economist dismissed the idea that tariff increases will have a lasting impact on US inflation, and cited the potential for interest rates to get back down to pre-Covid levels.Most Read from BloombergAmerica,

Federal Reserve Governor Christopher Waller said markets are demanding higher Treasury yields due to concerns about tax cuts widening the federal budget deficit.

The Federal Reserve plans to shrink its workforce by about 10% over the coming years, bringing the U.S. central bank in line with President Donald Trump's broader efforts to streamline the federal government,