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
Tesla CEO Elon Musk has a few words for the man who called his company "a fraud."
Musk tweeted out his response to comments Murray Energy CEO Robert E. Murray made on CNBC's "Squawk Box" on Monday, when he said the green car maker "has gotten $2 billion from the taxpayer," and "has not made a penny yet in cash flow."
"You could close every coal-fired plant in the United States today and you would not affect the temperature of the Earth at all," Murray also said.
Musk first linked to the video on Twitter, then said the "real fraud going on is denial of climate science." He added that Tesla receives far less in subsidies than the coal industry, asking, "How about we both go to zero?"
A Tesla representative declined to comment beyond the Tweet.
To be sure, renewables receive a far greater share of direct federal financial support for electricity production, according to an analysis by the Energy Information Administration.
In 2013, electricity production and federal utilities that rely on coal received $1.08 billion in direct cash outlays through federal programs, tax benefits, research and development funding, loans and guarantees, the EIA found. That amounted to 6 percent of such funding.
In the same year, electricity production from renewables received $15.04 billion in funding from the same sources — or 72 percent of federal support of that kind. Wind accounted for about 39 percent of the renewables subsidies, and solar attracted 35 percent.
Murray said it would take a lot of investment, and "many, many years" to advance the technology to make coal truly clean burning. While he criticized Musk for taking subsidies, Murray called on the government to make a commitment to supporting clean coal technology.
"Just as the government is supporting through the people's taxes windmills and solar panels, they need to support the clean coal technology. … We need a level playing field," he said.
Under President Barack Obama, the Department of Energy in December 2013 offered $8 billion in loan guarantees for projects that aim to reduce, avoid or sequester greenhouse gases from fossil fuels. The program is open to clean coal technologies such as carbon capture and storage technology.