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 to 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
The Bank of Japan has lost its grip on the country's currency, and an interest rate hike from the U.S. Federal Reserve may be the only fix for Japan's economy.
Overnight, the yen hit 100.07, its strongest against the dollar in nearly a month. The strength comes after the Bank of Japan took the new and unusual step of implementing so-called "yield curve control", a policy that's designed to keep the 10-year Japanese government bond yield near current levels, around 0 percent. Most bonds issued by Japan have negative yields — meaning that bond buyers actually pay for the right to lend money to the government.
"It's a sign again for me they're running out of policy options," said Lee Ferridge, head of macro strategy, North America, at State Street Global Markets.
The yen has persistently strengthened against the dollar all year, despite the Bank of Japan's move in January into negative rates. Loose U.S. monetary policy that has kept the dollar soft, and shocks such as the surprise U.K. vote to leave the European Union, have pushed the yen higher as well. The Japanese currency has climbed more than 15 percent against the greenback so far this year and made export giant Toyota cut its operating profit forecast by a stunning 1.12 trillion yen ($11.1 billion) for the current fiscal year.