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
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
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
A lot of major investors want clues on China's economic "transition," and many analysts say the country's steel sector is the one to watch.
Steel is seen as emblematic of the worst of China's economy: A heavily state-supported manufacturing industry that is deep in debt, influenced by Beijing, and which dumps its excess production onto other countries' markets, distorting prices around the world and crushing non-Chinese competitors.
"Steel is still useful because it's essentially a reform indicator," said Brian Jackson, senior economist at IHS Markit in Beijing.
This week, the G20 meeting ended in Hangzhou, China, with the multinational organization calling for cuts in global steel capacity. The G20 did not specifically name China, but the country accounts for about half the world's steel production — up from roughly a third in 2008.