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Central banking system of the US
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insulation from political interference.
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Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, minutes released Wednesday from the central bank’s most recent meeting showed.
Fed officials generally expect another rate hike may be needed this year as inflation remains above target, though policymakers may hold rates steady in October.
The inquiry will include a hearing at the White House Nov. 5, Trump said in a written memo, that Cook “shall” attend to answer questions from the committee.