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 Consumer Confidence Index rose in August to 122.9, despite expectations of a decline, The Conference Board announced Tuesday.
Economist polled by Reuters expected a decline to 120.3. This better-than-expected result puts consumer confidence at its second best level this year.
"Consumers' more buoyant assessment of present-day conditions was the primary driver of the boost in confidence," the Conference Board's director of economic indicators Lynn Franco said in a statement.
In August, consumers said jobs were even more "plentiful" than last month's report, up to 35.4 percent from 33.2 percent, while also saying jobs were not as "hard to get."
The Consumer Confidence Index beat expectations last month as well.
Consumers found the current environment to be improving. The Conference Board reported those saying business conditions are "good" increased to 34.5 percent from 32.5 percent in the previous month, while the number who assessed business conditions to be "bad" was slightly lower to 13.1 percent from 13.5 percent.
The August short-term outlook largely unchanged, as the percentage of consumers expecting business conditions to improve over the next six months decreased to 19.6 percent from 22.4 percent in July.