The San Francisco-based bank was long hamstrung by a regulatory order that kept it under $1.95 trillion of assets. Now Wells can hit the gas on business lines it had kept idle.

Fischer, who served on the central bank boards of both Israel and the United States and served as the Federal Reserve vice chair from 2014 until 2017, died Saturday at age 81.

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

The Federal Reserve chair said he made no commitments on the central bank's next monetary policy adjustment, only that the decision would be made based on incoming data.

During its meeting last month, some members of the Federal Reserve's monetary policy committee expressed concern about persistent supply chain disruptions while others were confident price growth would be constrained.

The Federal Reserve and several industry groups agreed to put an indefinite stay on their legal fight over the annual examination process.

As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.

Despite data pointing to overall health, concerns about the direction of the economy are raised among consumers, businesses and investors alike, the Fed governor said.

The Federal Open Market Committee will meet on June 17-18. While no rate cuts are expected at this point, things can change quickly. Lauren Saidel-Baker, economist at ITR Economics, provides her take on the meeting the new Summary of Economic Projections and Fed Chair Jerome Powell's press conference.

Federal Reserve Vice Chair Philip Jefferson said the central bank is in the "early stages" of enabling banks to pledge assets to both the Federal Home Loan bank and discount window liquidity facilities.

The Federal Reserve chair said there is "room for improvement" in how the central bank conveys economic uncertainties to markets and the public.

The declines on Thursday pushed two- to 10-year yields higher by at least 10 basis points on the day after President Donald Trump urged people to buy stocks based on the latest trade developments.

Federal Reserve Gov. Michael Barr said global supply chain disruptions and inflation caused by tariffs could weigh heaviest on small businesses, especially those with little access to credit.

Monetary policy is on track to loosen later rather than sooner. Housing finance firms may look more to home equity until or unless a change revives activity.

In a party-line vote, the committee sent the nomination of Michelle Bowman as the Federal Reserve's vice chair of supervision to the full Senate.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

In the megabank's latest sign of progress with regulators, it said that a 7-year-old CFPB order has been terminated.

In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.

The president said he had "no intention" of firing the Federal Reserve chair and promised that tariffs against Chinese imports would be lowered "substantially."

Federal Reserve Gov. Adriana Kugler said tighter monetary policy has proved to be less impactful on nonbank lenders during the post-pandemic era.