Treasury Secretary Scott Bessent is taking aim at both the Federal Reserve and the rules the Fed enforces as a supervisor of big banks. But he made it clear he doesn't think Fed Chair Jerome Powell needs to step down immediately.

Good morning. The US Treasury secretary calls for a review of the Federal Reserve’s renovation of its headquarters. The Bank of England is said to be considering shelving plans for a digital pound. And Victoria Beckham’s fashion company is on the road to profitability.

U.S. Treasury Secretary Scott Bessent said the Federal Reserve's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations.