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 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
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Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
Tony Crescenzi, a market strategist and portfolio manager at Pimco, a global investment firm with $1.5 trillion in assets under management, believes the era of Fed watching might be over.
"The bottom line is that central banks have done about as much as they can to help the economies. It's really up to the national governments to start to take the hand off and do more, because central banks, in the end, can only print money. They can't produce growth," Crescenzi said during an interview with CNBC's Mike Santoli.
In this wide-ranging exclusive conversation for CNBC PRO, Crescenzi also discusses:
PRO subscribers can also read the entire transcript of the exclusive interview below.