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
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...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
Shares of Medivation (MDVN) were surging nearly 20 percent in the premarket, after Pfizer (PFE) announced it would acquire the cancer drug firm for close to $14 billion, or more than $80 per share. That's a big premium to an April offer from France's Sanofi (SNY). (Reuters)
Syngenta (SYT) shares were up about 10 percent in premarket trading, after a U.S. national security panel cleared ChemChina's $43 billion takeover of Swiss pesticides and seeds group, boosting the chances of approval of the largest foreign acquisition ever by a Chinese firm. (Reuters)
Valeant Pharmaceuticals (VRX) hires Paul Herendeen as chief financial officer, effective immediately. Previously, Herendeen had been CFO for drugmaker Zoetis (ZTS). Valeant shares were up about 5 percent in the premarket. (Reuters)
In a victory for controlling shareholder Sumner Redstone, Viacom (VIAB) CEO Philippe Dauman has agreed to resign. Dauman gets an exit package worth about $72 million. Meanwhile, Viacom-owned Paramount saw its big budget "Ben-Hur" remake crash at the box office. (Variety)
Kobe Bryant, the NBA superstar who retired at the end of last season, is expected to unveil a $100 million tech venture capital fund, teaming up with longtime investor Jeff Stibel. The pair have invested in 15 companies together since 2013. (WSJ)
With fewer than 80 days until election day, GOP kingmaker and casino mogul Sheldon Adelson still hasn't put any money toward Donald Trump's campaign, according to newly released filings from the Federal Election Commission. (NBC News)
Kellyanne Conway, new campaign manager for the Trump campaign, said the creation of a "deportation force" for undocumented immigrants was "to be determined." Trump has supported the removal of undocumented immigrants. (NBC News)
As investors digest Fed Vice Chairman Fischer's Sunday remarks and await Fed Chair Yellen's Jackson Hole speech Friday, they won't get any more clues in the form of economic reports on Monday. There are not any major corporate earnings reports either.
Volkswagen (VLKAY) resumes contract talks with suppliers today, trying to resolve a dispute that has halted auto production at some of its plants. VW suppliers accuse the German carmaker of cancelling contracts without explanation or offering compensation.
JPMorgan Chase (JPM) receives $645 million from the estate of Washington Mutual, after settling a dispute with the FDIC arising from its purchase of WaMu during the 2008 financial crisis. JPMorgan will drop more than $1 billion in claims as a result of the settlement.
Facebook (FB) shares could rise by more than 20 percent over the next year on strength of growing ad revenue, according to Barron's. Meanwhile, Mattel (MAT) could return an additional 20 percent to investors, also according to Barron's.
Japanese Prime Minister Shinzo Abe stole the show in a brief appearance at the Rio Olympics closing ceremony last night. He appeared as the Nintendo game character Super Mario and offered a glimpse at Tokyo's plans for the 2020 games. (AP)
In the final medal count from Rio, the U.S. led the way with 121 total medals, with 46 gold, 37 silver, and 38 bronze. China came in second with 70 medals, closely followed by Great Britain at 67. Though Britain did win one more gold than China's 26. (NBC News)