Treasury Department

The two privately discussed what a move could look like, with the Trump administration "receptive" to welcoming Switzerland's largest bank, the newspaper said.

Trump, who has touted the billions raised in US tariff revenue this year, has talked about the checks as public frustration mounts over the cost of living.

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

Some allies of the president have pushed for Treasury Secretary Scott Bessent to get the job, according to people familiar with the matter, a notion that a senior administration official disputed.

Deputy Treasury Secretary Michael Faulkender says Basel capital rules need to fit the U.S. economy and avoid discouraging banks from lending.

Treasury Secretary Scott Bessent said he expects negotiations with trading partners over tariffs to conclude by the end of the year but acknowledged that talks with China had not yet begun.

Notably, Trump described the January decision to hold rates steady – which looks set to be the Fed's stance for some time — as "the right thing to do."

The U.S. currency has surged sharply against its major peers since Trump's election on speculation that his tax-cut and tariff plans would fan inflation pressures.

Bessent, who joined Trump at the Oval Office, said the fund would be created in the next 12 months, calling it an issue "of great strategic importance."

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.

The attackers also hacked the computers of two of Yellen's lieutenants, Deputy Secretary Wally Adeyemo and Acting Under Secretary Brad Smith.

Fed policymakers, in their new projections for their benchmark rate, have a median estimate of 3.4% for the end of next year — reflecting a potential further 1.5 percentage points.

As corporate treasurers use the debt reorganization technique to head off disruptive defaults and bankruptcies, lenders seek more blockers and cooperation agreements to mitigate risks.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

Adeyemo said China has made "a set of different decisions" and now presents "a headwind — not just to the US economy, but to the global economy." He said the US is "better prepared to deal with that than any other economy in the world.

A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.

The impasse increases the likelihood the House and Senate both vote on any deal next week, mere hours before June 1 the date by which the US could run out of cash to pay its bills.

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

While the government is so far making payments, some have been delayed by banks doing lengthy checks that they aren’t breaching any restrictions.

The U.S. Treasury boosted its estimate of federal borrowing needs for the three months through March after entering the quarter with a cash pile that was run down by congressional delays in lifting the government’s debt limit.