A key gauge of prices closely watched by the Fed continued to rise at a concerning pace. The core CPI rose 0.4% for a third straight month, in line with estimates.

Some 90% of 288 respondents in a Markets Live Pulse survey said companies on both sides of the Atlantic have been raising prices in excess of their own costs since the pandemic began in 2020.

The Federal Reserve Board governor said secular increases to the currency supply limits how much the central bank can shrink its holdings.

The Federal Reserve chair waved off suggestions that recent bank failures demonstrate a need to better separate its authorities. He also noted the importance of clear communication by central bank officials.

The former vice chair for supervision challenged his successor's report on the failure of Silicon Valley Bank, said changes that move away from transparency and consistency 'won't survive' in court.

The Federal Reserve will likely need to raise interest rates further and hold them higher for some time if US price pressures don't cool off and the jobs market shows no sign of slowing.

The president of the Federal Reserve Bank of New York said the performance of office loans is a top supervisory issue, but not an immediate threat to financial stability.

On the face of it, Powell's Federal Reserve this week pushed ahead with what's been its policy for the past year and so did other major central banks. But in reality everything's changed, after a string of bank collapses sent tremors through world markets.

Market pricing for the Fed's March 21-22 meeting has lurched between another quarter-point hike, and the first rate pause in more than a year.

After the failure of two banks between $100 billion and $250 billion of assets, many are asking regulators to change their oversight practices for these banks. The Fed has a wide berth to make a wide array of changes.