The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
South Carolina's economic losses from the historic and deadly flooding will easily top $1 billion, experts say, but the looming issue for the state and federal government is that most of it will be uninsured.
More than 2 feet of rain fell in some spots, prompting descriptions of a "1,000-year flood" — not because it historically happens that infrequently, but because the odds of it are so small that statistically it should only happen once a millennium.
The problem is that almost all the damage can be clearly attributed to flood waters, in a state with nearly 2.2 million housing units and fewer than 200,000 flood insurance policies.
"[G]iven the enormity of the event and the scope of damage incurred to residential and commercial exposures, vehicles and infrastructure, it is expected that overall economic damage will easily exceed $1 billion, " reinsurance broker Aon Benfield said in a report, while cautioning that it was too soon to make more specific loss forecasts.
But the brokerage also offered an ominous warning: "Based on current active National Flood Insurance Program (NFIP) policies in place, it is expected that most of the residential damage will not be covered by insurance."
Residential flood insurance in the United States is almost exclusively the province of the Federal Emergency Management Agency's National Flood Insurance Program.
Even though South Carolina ranks as one of the most insured states in the program, huge gaps remain. In Charleston alone, Census data record nearly 144,000 households — but the NFIP says it has just under 24,000 policies in force there.
The head of the South Carolina National Guard reportedly referred to the storm as a "Hugo-level event," a reference to the 1989 hurricane that caused $9.5 billion in economic losses at the time ($17.8 billion in today's dollars, according to Aon).
The insured losses were only about half of that, though, given that so many people were not covered.
FEMA grants will help some people, but many others will have to shoulder the costs on their own. The agency has already launched some emergency programs for the state.
"This will not be a short or easy recovery, but we will get through it, and get through it together," Gov. Nikki Haley said in a statement Monday.
Read More Carolina ordeal far from over