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
JPMorgan Chase has surpassed Wells Fargo as the biggest U.S. bank by market capitalization. Wells Fargo had been the largest by market cap since 2013, based on closing values.
Shares of Wells Fargo fell more 3 percent on Tuesday, while JPMorgan Chase closed 0.79 percent lower. That gave JPMorgan Chase a market cap of nearly $240.3 billion versus almost $236.9 billion for Wells Fargo.
Wells Fargo shares have been under pressure in the past few days after the Consumer Financial Protection Bureau (CFPB) and two other regulators fined the bank $185 million. The bank must also pay another $5 million to customers for creating more than 2 million fake accounts for products like credit and debit cards to meet aggressive sales targets.