The Federal Reserve's Inspector General on Wednesday said it found no grounds for a criminal referral or evidence of administrative misconduct tied to cost overruns in a US central bank renovation project.

Too big a pullback in the US central bank's communications could lead to higher and more volatile interest rates and inflation if the public and businesses are left to guess ‌how it would react to different economic developments, St. Louis Federal Reserve President Alberto Musalem said on Tuesday.

Suggestions that the Federal Reserve could lower borrowing costs to help the US government finance its current debt and deficits are the very reason ‌the central bank needs to be independent in setting monetary policy, Chicago Fed President Austan Goolsbee said on Monday.

US inflation may have moved beyond the tariff and energy prices shocks of the last 18 months and is now being driven by strong demand as well, potentially requiring a faster ‌pace of Federal Reserve interest rate hikes, Chicago Fed President Austan Goolsbee said on Monday.