The Federal Reserve wants to do things differently this time around—at least when it comes to banking regulation. After a package of strict requirements, known as Basel III endgame, fizzled last year, the Fed on Tuesday convened some of the nation’s top bankers to discuss a new way forward. And in Asia, the Bank of Japan will keep seeking further interest-rate increases, according to the deputy governor of the central bank.

The first-of-its-kind conference is the creation of the Fed’s new top regulatory official, Michelle Bowman, and her stated goal is more transparency. It featured speakers from JPMorgan Chase, Morgan Stanley, Goldman Sachs—and even a fireside chat with OpenAI’s Sam Altman.

The message from bankers is clear: simpler, less onerous rules. Capital requirements dictate the size of the safety buffers banks need to keep to survive periods of market turmoil, and for years bankers had been sparring with Bowman’s predecessor about them.

Banks argue that overly stringent requirements limit their ability to lend and compete. Proponents of the stronger regulations worry the Trump administration and its appointees will go too far and plant the seeds of the next financial crisis.

The conference took place amid repeated attacks by President Trump against the Fed’s monetary policy decisions and its chair, Jerome Powell. Powell was in attendance throughout the day, but kept a low profile, conversing with attendees and refraining from any questions for panelists.

The Bank of Japan will keep seeking further interest-rate increases, Deputy Gov. Shinichi Uchida affirmed, adding to rate-hike expectations rekindled by news of a trade deal with the U.S. "The bank, in accordance with improvement in economic activity and prices, will continue to raise the policy interest rate and adjust the degree of monetary accommodation," Uchida said in a speech Wednesday. The comments came as progress in tariff negotiations between Tokyo and Washington revived expectations for interest-rate increases by the Japanese central bank. The BOJ has paused monetary tightening due to trade uncertainty, but concerns about the impact of inflation are growing in Japan as higher prices have started hurting appetite among consumers. The BOJ's policy board is scheduled to meet next week and release its latest growth and price projections. (Dow Jones Newswires)

• U.S. and Japan Reach Trade Deal

7 a.m.: MBA Weekly Mortgage Applications Survey
10 a.m.: Existing Home Sales

8:15 a.m.: ECB interest rate announcement
8:30 a.m.: Chicago Fed National Activity Index
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
9:30 a.m.: IMF regular press briefing with Strategic Communications Director Julie Kozack
9:45 a.m.: US Flash Manufacturing PMI
9:45 a.m.: US Flash Services PMI
10 a.m.: New Residential Sales
11 a.m.: Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
2 p.m.: U.S. Securities and Exchange Commission Closed Meeting
4:30 p.m.: Foreign Central Bank Holdings
4:30 p.m.: Federal Discount Window Borrowings

After the Fed likely holds rates steady at its meeting next week, a labor-market slowdown will become too significant for monetary policymakers to ignore and will probably drive the central bank to cut rates at all three of its remaining 2025 meetings, economists at Goldman Sachs project. They are concerned that private-sector job creation is slowing to something like "stall speed," a level below which labor market weakness becomes self reinforcing. Goldman's projection is for two additional cuts over the Fed's first four meetings of 2026. Price pressures from tariffs are landing at a time when the consumer economy is already weakening: "We estimate that real personal consumption has now stagnated on net for six months, which rarely happens outside of recession," Goldman writes. — Matt Grossman

The dollar faces downward pressure as Americans bear the brunt of tariff costs, Deutsche Bank's George Saravelos writes. If foreigners were to swallow the cost of tariffs, their sales prices would be going down, which isn't happening except in a very few cases, Saravelos says. He cites China, where 30% tariffs are paired with a small 1% price reduction. Since U.S. inflation remains contained, importers, not consumers, are mostly paying the price, he adds. With the cost of tariffs apparently being mostly borne by the U.S., "this works as an added dollar negative," Saravelos says. — Paulo Trevisani

• The U.K. government will continue to stick to its budget rules despite a series of challenges that include big changes in geopolitics and trade, Chancellor of the Exchequer Rachel Reeves said Tuesday.
• A fresh wave of growth forecasts for Asia highlights the threat posed by tariffs to the region, even as trade deals gather pace.
• The Trump administration on Tuesday announced details on its trade framework with Indonesia, although key specifics about how the U.S. will apply tariffs to goods from that nation remain unclear.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by news associate Roshan Fernandez in New York. Send your tips, suggestions and feedback to roshan.fernandez@wsj.com.