Investors largely expected the FOMC to cut rates by a quarter point.The Fedread 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
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared to the 25 basis point reduction for the benchmark funds rate.The Fedread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread 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
As the Federal Reserve lowers rates, some banks are pulling back their offerings on their savings accounts and certificates of deposit. Even so, they are still pretty good by...Personal Financeread more
Three high-profile incumbents looking to hold on to their jobs in Tuesday's primaries have done so as Florida's GOP Sen. Marco Rubio and Democratic Rep. Debbie Wasserman Schultz, and Arizona Republican Senator John McCain beat back primary challengers, according to the Associated Press.
While favored to win, the establishment official faced stiffer-than-usual opposition this year with the challenges comings just as the bitter and unpredictable presidential race enters its final post-Labor Day push.
McCain, who was first elected as senator in 1986 and served as his party's presidential nominee in 2008, edged out tea party conservative challenger Kelli Ward and two other Republicans on the ballot. But the Vietnam War veteran had to deal with a tough fight in a contest highlighting his often uncomfortable relationship with Republican standard-bearer Donald Trump.
Last year, Trump suggested that McCain's accolades as a war hero were overblown. Earlier this month, Trump initially refused to endorse McCain, accusing him of failing to do "a good job" for veterans.
The Arizona senator must now steel himself for a likely hard-fought general election race against Democratic Rep. Ann Kirkpatrick while sharing the ballot with a nominee whose approval ratings with minority voters have sunk to historic lows. In 2012, nonwhite voters made up 28 percent of Arizona's electorate.
In an interview with NBC News this week, McCain dismissed the idea that he must separate himself from Trump, whom he has endorsed. "It's the people of Arizona who know me," he said. "I have 100 percent name ID, they all know me very well, I've been here for many years. So I don't think their judgment is affected by anything but what they view of me, how they view me."
In Florida, Rubio, a former GOP presidential candidate who reversed his onetime pledge not to seek re-election after his White House bid, easily prevailed Tuesday night over a challenge from anti-establishment millionaire candidate Carlos Beruff, according to projections by the Associated Press.
Rubio will almost certainly face Patrick Murphy, the likely winner of the Democratic Senate primary, for one of November's most closely-watched downballot races. (Murphy, a Democratic Party favorite, will himself square off Tuesday night against liberal firebrand Alan Grayson, whose political fortunes sputtered after allegations of domestic abuse.)
Wasserman Schultz, the former leader of the Democratic National Committee, also hung on after a primary challenge Tuesday. Wasserman Schultz was forced to step down from the helm of the DNC in July amid allegations that she and other Democratic officials had worked to thwart the primary hopes of presidential candidate Bernie Sanders.
Sanders endorsed her challenger, Tim Canova, and backers of the Vermont senator shoveled nearly four million dollars of donations into Canova's war chest.