Tropical Storm Gabrielle formed Wednesday morning over the central Atlantic Ocean, becoming the seventh named storm of the 2025 Atlantic hurricane season. Forecasters expect the weather system to remain over open waters for the next several days and haven't yet warned of any hazards that could potentially affect land.

The storm is not an immediate threat to land, but it is expected to strengthen as it moves west.

The hurricane center warned those in Bermuda to keep an eye on the system, however, as it could be approaching the island early next week.

The two-day meeting kicked off Tuesday with the swearing in of new Governor Stephen Miran, the Council of Economic Advisers' chair and staunch Fed critic. The Senate on Monday confirmed Miran, who will serve out the remainder of former Adriana Kugler's term, which runs through January.

The Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year, as policymakers responded to con...