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
Even if there is a modest pullback in stocks when the Federal Reserve starts to unwind its balance sheet, the central bank will still raise interest rates in December, closely followed analyst Peter Boockvar told CNBC on Wednesday.
The Fed announced Wednesday it would begin to roll off its $4.5 trillion balance sheet in October and indicated one more rate hike is likely this year.
"They want to continue to normalize this interest-rate environment that they put us in and I don't think much is going to stop them," chief market analyst for The Lindsey Group said in an interview with "Closing Bell. "
The Fed also forecast three rate increases in 2018 and two in 2019 and provided a timetable for how the balance-sheet reduction would occur.
Instead of reinvesting all the proceeds of its bond portfolio, the Fed will allow $10 billion to roll off at first, increasing quarterly in $10 billion increments until the total hits $50 billion starting in October 2018.
Boockvar pointed out that seven years ago, former Fed Chair Ben Bernanke said the central bank wasn't monetizing debt because its quantitative easing program was temporary.
"Here we are almost 10 years in to something called temporary, and that's one of the reasons why they're going to shrink their balance sheet, because monetization of the debt is the last place the Fed wants to be in," he said.
The Fed also reduced its outlook for inflation on Wednesday, cutting its expectation from 1.7 percent this year to 1.5 percent, and from 2 percent to 1.9 percent in 2018. Its inflation target is 2 percent.
Susan Ochs, senior fellow at the New America Foundation, noted that Chair Janet Yellen said five times during her Wednesday news conference that she didn't really understand what was going on with inflation.
"To me, that is profound to hear from a Fed chair," she told "Closing Bell."
"This is like a meta-level of uncertainty in that the economy is not functioning the way that we expect it to. She talked about in the past we could attribute it to slack in the labor markets, to low energy prices, but now we don't really know," she added.
Moody's Analytics chief economist Mark Zandi said inflation expectations are critical.
"They don't want inflation expectations to fall below 2 percent or rise too far above 2 percent because then it becomes very difficult to manage," he said in an interview with "Closing Bell."
— CNBC's Jeff Cox contributed to this report.