Elon Musk on Thursday offered hints about the work to come, including auditing the Federal Reserve, as his Department of Government Efficiency bulldozes through federal agencies in its effort to identify and implement budget and staffing cuts under authority from President Trump.

Since Donald Trump assumed office for his second term last month, Musk has been linked to the administration's cost-cutting drive through the Department of Government Efficiency (DOGE), which has initiated a sweeping review of federal agencies.

Federal Reserve officials at a meeting last month pointed to rising risks that inflation could worsen, a key reason they kept their benchmark interest rate unchanged. According to minutes of the Jan.

The administration's piecemeal approach may be damaging, Fed officials say, as businesses and consumers adjust to an outlook that seems unpredictable.

Atlanta Federal Reserve President Raphael Bostic says that the central bank will reduce interest rates twice this year.