The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday — breaching a key psychological level.Bondsread more
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
Britain slashed its official projections for economic growth Wednesday and anticipates it will need to borrow sharply over the coming years.
Finance Minister Philip Hammond delivered the U.K. government's official Autumn Budget at a time when the ruling Conservative party is facing challenging political and economic circumstances.
The non-partisan Office for Budget Responsibility (OBR) forecast Britain's gross domestic product (GDP) would grow by 1.5 percent in 2017 before slipping gradually to 1.3 percent over the next three years. The U.K. had been forecast to grow by 2 percent in 2017.
The OBR also revised down productivity growth and business investment. Britain's changing economic condition has stirred fierce debate over how much should be attributable to the uncertainty surrounding Brexit.
Hammond promised to set aside £3 billion ($3.9 billion) over the next two years for Brexit contingency planning.
"The negotiations on our future relationship with the European Union are in a critical phase," Hammond said.
"We have already invested almost £700 million in Brexit preparations and today I am setting aside over the next two years another £3 billion," he added.
Britain's finance minister had been facing mounting pressure ahead of the budget speech, with lawmakers from all sides urging him to increase spending amid austerity fatigue from the British electorate.
The OBR — an organization that is a non-departmental public body that gives estimates to the finance ministry — said inflation would fall towards 2 percent later this year, from a peak of 3 percent.
The group said annual borrowing would be around £49.9 billion in 2017, more than £8 billion lower than forecast in March.
On debt, the OBR said it would peak at 86.5 percent of GDP this year, before falling over subsequent years to 79.1 percent by 2023.
"We understand the frustration of families where real incomes are under pressure," Hammond said, as he welcomed the OBR's forecast of debt as a share of GDP falling over the coming years.
On Tuesday, figures from the Office of National Statistics (ONS) showed Britain's deficit rose to £8 billion last month — a rise of nearly 7 percent when compared to the same period a year earlier. Analysts had anticipated a figure of around £7 billion.
The widening budget deficit, which is the gap between government spending and tax receipts, pointed to a weaker picture than previously thought for the U.K.'s public finances.
Hammond has pledged to achieve a budget deficit of less than 2 percent of GDP, from 2.6 percent for 2016/17, by 2020 with the goal of eliminating the deficit by the mid-2020s. Before the Brexit vote in 2016, the U.K. had been hoping to post a budget surplus by the end of this decade.
Britain's FTSE 100 rose 0.5 percent as Hammond delivered the Autumn Statement, while sterling dipped to a session low of 1.3213 against the dollar.
Hammond pledged to build 300,000 new homes per year by the mid-2020s on Wednesday and said the ruling party would address inefficiencies in the property market. He said including loan guarantees £44 billion would be made available in government support to boost construction skills.
House affordability has been a hot topic of debate on both sides of the political spectrum and Prime Minister Theresa May wanted to make it front and center of this budget given that youth home ownership has been on the decline since the Conservatives came into government.
Hammond also said:
— CNBC's Joumanna Bercetche contributed to this report.