Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
The Federal Reserve dialed up its growth expectations slightly while keeping its inflation projection unchanged.Marketsread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The Fed has become increasingly divided, with three officials voting against the Fed's quarter-point cut to the fed funds target rate range.Market Insiderread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
The U.S. Consumer Product Safety Commission confirmed that it is investigating laminate products made by Lumber Liquidators.
In a Wednesday morning teleconference CPSC Chairman Elliot Kaye said the agency is "actively investigating" the relevant flooring from the retailer, and that Lumber Liquidators is cooperating.
Kaye said it would take "months not weeks before we can have some sense of the answers" to whether the products are safe. He added that it was still too early to tell if the agency would ask for a product recall.
"Lumber Liquidators is fully cooperating with the U.S. Consumer Product Safety Commission and has already provided a significant amount of testing and safety information to the agency staff," the company said in a statement provided to CNBC. "We have been in direct communication with CPSC staff over the past several weeks and expect them to review our products using sound science and test methods that evaluate finished flooring as used in consumers' homes."
The retailer has been facing U.S. government probes over claims of dangerous levels of a cancer-causing substance in its Chinese-made laminated flooring.
Kaye said the investigation is beginning with the Chinese-made products, but that the agency may look at other types of Lumber Liquidators flooring eventually.
Earlier this month, the company announced that it stood by the safety of its products and said it would offer free indoor air quality testing for qualifying customers.
The CPSC chairman said the group's product testing will try to mimic how the product is used in the home. That has been a subject of debate, as Lumber Liquidators has maintained that its critics are using an unrealistic test on its flooring.
"It is our firm belief that finished product testing, rather than deconstruction, is the best approach to determine consumer safety," Lumber Liquidators said in the statement after the call.
The agency will simply be testing whether or not the products are safe, not if they adhere to current regulations, Kaye explained.
"We are confident that all of our products are safe, and none of our products pose significant health or safety issues," CEO Rob Lynch said earlier this month, adding the company would "never knowingly" risk customer safety.
The retailer's stock has taken a sharp dive since the company first disclosed that there would be an unfavorable "60 Minutes" piece coming out—falling from around $68. That CBS investigation questioned the safety of some Lumber Liquidators products, and shares of the company began a slide to around $30.
Ahead of the CPSC announcement, Lumber Liquidators stock traded at a more than 5 percent increase from the open. The stock initially pared some of those gains during the call, but then rose to a more than 7 percent gain on the day.
—CNBC's Terri Cullen contributed to this report.