Politics

A proposed 2026 budget would eliminate two programs that are key to increasing the supply of affordable housing, a consortium of elected leaders said.

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.

Elon Musk, formerly head of the Department of Government Efficiency, said he will officially leave the federal government after a short but tumultuous tenure. DOGE's actions at the Consumer Financial Protection Bureau are being reviewed in federal court.

Analysts awaiting specifics on the "implicit guarantee" for Fannie Mae and Freddie Mac are split on whether mortgage rates and guarantee fees could rise.

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 quarterly data showed bank profits were driven by gains at large firms while credit quality remained mixed, with commercial real estate loan stress at relatively high levels.

President Donald Trump said that the US government would retain guarantees and an oversight role over Fannie Mae and Freddie Mac even as he pursues a public offering for the mortgage giants.

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

The Mortgage Bankers Association deleted web pages including a diversity, equity and inclusion playbook, citing compliance with President Trump's orders.

Federal Reserve Gov. Lisa Cook said in a speech Friday that the market's response to recent volatility shows resilience, but more study is needed about the financial stability implications of business relationships between banks and nonbanks.