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
CLEVELAND ― Hillary Clinton cannot be the next U.S. president if Americans don't want the calamitous Obama economy to carry on, Sen. Jeff Sessions, R-Alabama, said Monday night.
"Our middle class is steadily declining, with our African American and Hispanic communities being hurt the most. But, the Washington establishment, the media, and big corporations have been in denial," he said at the Republican National Convention. "This is an economic disaster. We are on the wrong track and the people know it."
"Yet, Hillary Clinton's plan is more of the same: more government, more taxes, more regulation, … and more debt," he said. "She has been a champion of globalist trade agreements. But the facts are in. They have not worked for our people."
Sessions cited the ballooning trade deficit between the U.S. and China. Since 1993 ― when Bill Clinton was president ― through 2015, the U.S.-China trade deficit has risen 1,512 percent, according to data from the U.S. Census Bureau. Sessions also criticized the Obama administration for "pushing" the Trans-Pacific Partnership and the president's immigration policies.
"Bad trade deals close factories, and end high paying jobs. Excess immigration floods the labor market reducing jobs and wages," he said. "Americans want help now. This election will make it happen."
"That is why we need Donald Trump."
Before Indiana Gov. Mike Pence was named Trump's running mate, Sessions' name was among those considered for the GOP vice-presidential candidate. Sessions was also one of the first prominent GOP members to endorse Trump.
Sessions took office in 1997 and has been a heavy opponent of comprehensive immigration reform.
"We increasingly face the same problems in the United States. In seven years, we will reach the highest level of foreign born in our history. While limited, carefully vetted immigration is in our national interest, the push for open borders and ever higher levels of immigration increasingly isolates new immigrants and threatens our security," he said in a Friday statement, following the terrorist attack in Nice, France.