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 Obama administration hasn't been able to eliminate the "carried interest" tax break for hedge fund managers, but Vice President Joe Biden called it "not sustainable" and predicted the next president will succeed.
The tax break allows certain compensation for hedge fund managers, among others, to be taxed at lower capital gains rates rather than ordinary income. "There's no justification," Biden said in an interview with CNBC, and the White House has asked Congress to close the loophole.
The administration hasn't won on the issue, Biden said, because its crowded agenda has never permitted sustained focus on it.
"We haven't had the clear space to do nothing but talk about how unfair the tax system is as it relates to the tax expenditures, loopholes we want to eliminate," he said. "And consequently what happens is a lot of people can go home, if you're a Republican, and say, 'These Democrats are just going after business.' "
Indeed, when the administration first sought to close the loophole, one major Wall Street figure, Steve Schwarzman, likened its approach to business to Hitler's invasion of Poland. Schwarzman subsequently apologized.
Biden laughed off the comparison, saying, "I'd say it's like us liberating death camps."
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