The U.S. economy added 139,000 jobs, a healthy clip that counters the president's calls for a rate cut to bolster the labor market.

The Federal Reserve Board governor said higher import tariffs could have a "persistent" impact on inflation.

The San Francisco-based bank was long hamstrung by a regulatory order that kept it under $1.95 trillion of assets. Now Wells can hit the gas on business lines it had kept idle.

Fischer, who served on the central bank boards of both Israel and the United States and served as the Federal Reserve vice chair from 2014 until 2017, died Saturday at age 81.

The Federal Reserve's preferred measure of inflation moved closer to the 2% target last month, but the impact of tariffs remains to be seen.

The megabank, which has spent years trying to improve its regulatory compliance, now has just one consent order remaining. And observers expect that Wells' historic asset cap will be lifted soon.

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.

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.

U.S. households were financially sound last year, but the Federal Reserve's annual well-being report highlighted a few emerging trends, including rising buy now/pay later delinquencies and incidents of financial fraud.

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