Federal Reserve Bank officials said the decision to leave the network came after the group’s work had “increasingly broadened in scope.”

The Federal Reserve said on Friday that it will quit a group dedicated to addressing the risk climate change poses to the global financial system. Why it matters: The Fed's exit from the coalition suggests a huge pivot underway relative to years past.

The U.S. Federal Reserve will hold interest rates steady on Jan. 29 and resume cutting in March, according to a slim majority of economists polled by Reuters, as policymakers digest an expected barrage of new economic policies from Washington.

Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

Donald Trump’s plans for higher tariffs, lower taxes and curbs on immigration risk reviving inflation and preventing the Federal Reserve from cutting interest rates, the IMF has warned. Unveiling forecasts that predicted faster-than-expected growth for the US economy,

Donald Trump is expected to elevate Michelle Bowman, a fifth-generation community banker and current Fed governor, as the government’s most influential banking regulator.

President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent and that he is ready to impose tougher sanctions on Russia's oil sector.