Sarah Bloom Raskin, a former Fed governor and senior fellow at the Roosevelt Institute, says the court failed to offer a sound legal basis for treating the Fed differently.

A Republican senator’s plan to take away the Federal Reserve’s power to pay banks interest on cash they park on central bank books could cause chaos for monetary policy implementation if it were implemented,

For context, one thing the central bank does is act as a bank for banks. And like a commercial bank pays interest on its clients deposits, the Fed pays interest on banks' reserves. Texas Republican Senator Ted Cruz has floated the idea of ending that practice and claims it could save $1.1 trillion over a decade.

So far this year, the Federal Reserve has kept interest rates steady. But when will that change, and how could it impact what you earn on your savings?

Futures that settle to the Federal Reserve's policy rate reflected rising bets that the U.S. central bank will deliver a pair of back-to-back interest rate cuts starting in September, after government data on Thursday showed US weekly jobless claims were steady at elevated levels.

Key oversight arms of the U.S. government are examining the whirlwind of activity at the CFPB after Trump's acting head Russell Vought took over in February.