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
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
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread 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
Apple shares are surging so far this year as investors are bullish on the iPhone X product launch, but one Wall Street firm says the rally can continue through next year.
Citi Research reiterated its buy rating for the smartphone maker's shares Wednesday, citing several reasons why Apple stock will rise in 2018.
"While we acknowledge smartphone growth remains tempered, we continue to see positive tailwinds for Apple's fundamental growth drivers," analyst Jim Suva wrote in a note to clients.
Apple has crushed the market this year with its shares up 48 percent year to date through Tuesday, compared with the S&P 500's 19 percent gain.
Suva shared his five top reasons why the company's stock can go higher:
1. "Super upgrade cycle continues into FY18 as production issues have resulted in elongated lead times vs prior cycles, thereby likely to drive better than seasonal demand in March quarter."
2. "Tax reform benefit from reduction in corporate taxes and cash repatriation."
3. "Sticky User Base Which Drives Continued Services Revenue Growth ... continued momentum in mobile commerce, mobile gaming, mobile entertainment will continue to drive sticky services revenue growth."
4. "Enterprise Push Mid Term, Applewood Longer Term ... enterprises are spending more efforts to upgrade mobile device hardware which is positive for Apple. Longer term we believe Applewood (Apple's move to gain traction in India & more services) will eventually become material."
5. "Attractive Valuation – Shares are trading at a 20% discount to the SP500 in line with their 5 year median despite improving fundamentals described above."
The analyst reaffirmed his $200 price target for Apple shares, representing 16.5 percent upside to Tuesday's close.