The economy in the Federal Reserve’s Fifth District — encompassing Virginia, Maryland, North Carolina, South Carolina, Washington, D.C., and most of West Virginia — continued to expand mildly in recent weeks, according to the latest edition of the Fed’s Beige Book, released Wednesday.

Federal Reserve Chair Jerome Powell defended the bank's $2.5 billion headquarters renovation budget amid feud with Trump over interest rates.

The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the states of Maryland, Virginia, North Carolina, and South Carolina; 49 counties constituting most of West Virginia; and the District of Columbia. (Source: Federal Reserve)

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.

The Federal Reserve bank of Richmond is responsible for the fifth district and is one of 12 Reserve banks within the Federal Reserve System.

The Trump administration has used the pricey project as a means to attack Federal Reserve chair Jerome Powell.

We asked our Fifth District businesses if and why they were automating and using generative AI. Over the past two years, fewer than half of firms have engaged in new automation, and about 35 percent of those firms have implemented AI.

Federal Reserve keeps key interest rate steady for fifth time, still foresees 3 rate cuts this year By CHRISTOPHER RUGABER The Associated Press, Updated March 20, 2024, 2:28 p.m.

Bet_Noire The Federal Reserve held its key interest rate at 5.25%-5.50% on Wednesday for the fifth straight meeting, as widely expected, in a unanimous vote.