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(Bloomberg) -- Federal Reserve Chair Jerome Powell said the central bank doesn’t need to rush to adjust interest rates, again signaling that officials will be patient before lowering borrowing costs further.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterNice Airport, If You Can Get to It: No Subway, No Highway, No BridgeSin puente y sin metro: el nuevo aeropuerto de Lima es una debacleThe Forgotten French Architect Who Rebuilt MarseilleIn New Orleans, an Agin

(Bloomberg) -- The US expects bigger oil surpluses than it previously projected for this year and in 2026, driven by continued growth in American and non-OPEC production and projections that sanctions won’t likely dent Russian output.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterNice Airport, If You Can Get to It: No Subway, No Highway, No BridgeSin puente y sin metro: el nuevo aeropuerto de Lima es una debacleThe Forgotten French Architect Who Rebuilt Marse

U.S. oil production is poised to set a larger record this year than prior estimates, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report, but it maintained its estimate for demand growth. The EIA said it now expects U.S. crude oil production to average 13.59 million barrels per day (bpd) in 2025, up from its prior estimate of 13.55 million bpd. The agency held its estimate for U.S. consumption of petroleum and liquid fuels steady at 20.5 million bpd in 2025.

"The economy is strong overall and has made significant progress toward our goals over the past two years," Powell said, with a 4% jobless rate considered around the level of full employment, and inflation lower though still more than half a percentage point above the Fed's target. "We know that reducing policy restraint too fast or too much could hinder progress on inflation," Powell said, reiterating language used after the Fed at its January meeting held interest rates steady.

Federal Reserve Chair Jerome Powell offered some new assurances Tuesday about payments routed to the central bank from the Treasury Department, his first comments about the fallout resulting from Elon Musk’s access to a sensitive payments system.

No U.S. regulator other than the Consumer Financial Protection Bureau is tasked with ensuring that banks abide by rules guarding against deceptive practices regarding consumers, the head of the Federal Reserve said on Tuesday as he was pressed by a senior Democratic senator to ensure the CFPB remains funded. The Trump administration has told the agency's staff to stay home and cease enforcement activities as part of Elon Musk's government efficiency drive. "If the CFPB is not there, examining these giant banks to make sure they are following laws on not deceiving consumers, who is doing that job?"

(Bloomberg) -- BP Plc CEO Murray Auchincloss insisted that the company’s “fundamental reset” has been in the works for a year, while refusing to comment on an analyst’s question about whether he’s had engagement with activist Elliott Investment Management.Most Read from BloombergSaudi Arabia’s Neom Signs $5 Billion Deal for AI Data CenterNice Airport, If You Can Get to It: No Subway, No Highway, No BridgeSin puente y sin metro: el nuevo aeropuerto de Lima es una debacleThe Forgotten French Archi