The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
President Donald Trump is continuing to bang the drum against a strong dollar, telling journalists recently that a powerful U.S. currency is not his preference.
In a break with the traditional practice of presidents not commenting on the greenback, Trump lately has been vocal about his desire for a weaker currency.
An interview last week with The Wall Street Journal helped magnify where Trump stands.
"I like a dollar that's not too strong," he said, according to an interview transcript of the Journal interview that Politico posted Tuesday. "I mean, I've seen strong dollars. And frankly, other than the fact that it sounds good, lots of bad things happen with a strong dollar."
So far this year, Trump has gotten what he wanted.
The dollar has plummeted against a basket of its global competitors, falling more than 9 percent on the year in what has been a pretty consistent downward spiral.
That wasn't the way currency traders saw the year transpiring.
Immediately after Trump's surprise victory Nov. 8, the dollar quickly jumped in value, with the dollar index rising about 6.5 percent from shortly before the election to its peak just ahead of the new year. The belief then was that a debt-fueled spending binge coupled with protectionist trade policies would boost the dollar's value. The president also at times had been a supporter of a strong greenback.
However, since then the dynamic has changed. Trump's pro-business agenda has stalled in Congress and he has softened his rhetoric on global trade agreements.
The dollar index fell to a 15-month low on Wednesday.
A strong U.S. currency gives Americans more purchasing power. However, it also makes U.S.-produced goods more expensive in global markets. About 43 percent of S&P 500 revenue is derived from international sales, according to S&P Dow Jones Indices.
The Journal interview also highlighted some change of heart he's had toward Janet Yellen, the chair of the Federal Reserve, whose policies help determine the direction of interest rates and generally influence the dollar's trajectory.
Even though the Fed has approved three rate hikes since the election, the dollar has fallen and government bond yields have remained low as well.
During the campaign, Trump said Yellen should be "ashamed" of her actions, which he said helped prop up the economy under President Barack Obama. In the Journal interview, he changed gears and said the central bank chief has done "a good job."
Trump, however, declined to reveal whether he would reappoint Yellen when her term expires in February. Various names have been floated as her successor, among them Gary Cohn, the former Goldman Sachs executive who now is the president's chief economic advisor.
Trump said Cohn "certainly would be in the mix" though he said others are being considered as well.
With the dollar in its weakest position since last summer, traders discuss whether it can make a comeback.