Treasury Secretary Scott Bessent suggested on Monday that the government could open an investigation into the Federal Reserve, which has drawn President Donald Trump’s wrath for refusing to lower interest rates.

Federal Reserve Chair Jerome Powell on Tuesday didn't comment on the outlook for the economy or interest rates. In his brief remarks at the start of a conference at the central bank on large bank capital standards,

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.

Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.

J.P. Morgan warned in a note that Trump's pressure on the Federal Reserve and threats to fire Chair Powell could undercut central bank independence and increase inflation risks.

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying

Federal Reserve holds interest rates steady, projects three rate cuts later this year. Updated March 20, 2024 5:32 PM ET Originally published March 20, 2024 2:06 PM ET. Scott Horsley

Azoria CEO James Fishback explains how Federal Reserve Chair Jerome Powell 'lied' to Americans and lays out the 'core issue' of high interest rates for home ownership on 'Making Money.'