Ed Kalecki

who spoke on condition of anonymity to detail sensitive matters.

The official said a search operation is underway for the second crew member.

The Justice Department lost its bid to continue an investigation into building renovation cost overruns by the Federal Reserve, setting the stage for an appeal that could eventually reach the Supreme Court.

U.S.

District Chief Judge James Bosberg upheld an earlier ruling he made to quash two grand jury subpoenas issued to the central bank by U.S.

Attorney Jeanine Pirro as part of a criminal investigation into the cost overruns and congressional testimony Chair Jerome Powell provided on the matter.

Pirro's office had asked Bosberg to reconsider his decision to reject the subpoenas.

The ruling is the latest development in a legal battle that pits the independence of the Fed against the Justice Department's power to carry out investigations.

The Pentagon's proposed fiscal 2027 budget would significantly ramp up its military firepower.

Bloomberg's Monica Ricks reports.

It was a good Friday for the labor market.

Bloomberg's Mike McKee takes a look at the numbers.

Bloomberg's Mike McKee on Bloomberg surveillance.

Bloomberg opinion contributor and former New York Fed President Bill Dudley says that with the current uncertainty, it's best for the Fed to do nothing.

Dudley spoke on Bloomberg surveillance.

Bloomberg opinion contributor and former New York Fed President Bill Dudley on Bloomberg surveillance.

French President Emmanuel Macron is calling on medium-sized powers to join forces and stand up to the U.S.

and China.

Macron hammered the message during his tour of Asia this week where he discussed maritime security in the Strait of Hormuz and closer cooperation with South Korea and Japan, two countries badly suffering from high energy costs as the war in Iran keeps the Strait closed.

European countries, he said, have a shared agenda with places like Japan and South Korea on issues like international law, democracy, climate change and global health.