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Jerome Powell, Tom Barkin, Jeff Schmid and Lorie Logan have said they'll wait for data before axing the interest rate—not what President Trump wants.

Wells Fargo's profit beat expectations in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but its CEO warned on Friday that U.S. tariffs risk slowing economic growth. The U.S. bank's shares extended losses, dipping 3.6%, after it reduced expectations for its net interest income, the difference between what it earns and pays in interest. "We currently expect our full-year 2025 net interest income to be in the low end of the range," Chief Financial Officer Michael Santomassimo told analysts.

(Reuters) -JPMorgan Chase topped first-quarter profit estimates on record equities trading and higher fees from debt underwriting and advising on mergers, but the bank remained wary about a possible global recession this year. CEO Jamie Dimon, who warned this week of negative consequences from trade wars, maintained his cautious tone as corporate America navigates President Donald Trump's tariffs. "Clients have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions," Dimon said.

President Donald Trump moved on his first day in office to increase U.S. oil and gas production, but the country's oil industry is actually starting to think about cutting output and jobs due to a double whammy of higher crude output from OPEC and on-again, off-again tariffs that have dented demand. The U.S. is the world's largest oil producer, pumping some 13.55 million barrels per day, employing millions of workers and generating trillions of dollars annually. Trump campaigned on the motto of "drill baby drill," and the national energy emergency he declared on his first day of office was designed to make it easier for companies to increase production, while he instructed officials to do everything they could to bolster the industry.

One of Trump’s head economists said the spike in yields added “urgency” to the decision to pause the president’s reciprocal tariffs.

Bitcoin, Ethereum, and other cryptocurrencies surged after the latest U.S. inflation data showed a smaller-than-expected rise.

Former OpenAI Chief Tech Officer Mira Murati’s AI startup, Thinking Machines, is looking to raise a massive $2 billion seed round, according to Business Insider. If true, it’s a jarring number that could reframe the debate about the AI boom.