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
Gold prices fell on Wednesday giving up earlier gains, after the U.S. Federal Reserve raised interest rates and noted that "some" further gradual rate hikes would be needed next year.
The central bank, after the end of its last policy meeting of the year, said the U.S. economy has been growing at a strong rate and the job market has continued to improve. Fresh economic forecasts released on Wednesday showed policymakers expect two rate hikes next year and one the following year.
Gold fell 0.4 percent $1,244.59 at 2:51 pm ET. The metal earlier hit $1,258.03, its highest since July 10.
U.S. gold futures fell 0.37 percent to $1,248.90 an ounce.
"The U.S. Federal Reserve has gone ahead and raised interest rates, which is a temporary pullback for gold," said George Gero, managing director at RBC Wealth Management.
"The outlook for two rate hikes next year is not dovish enough, gold will be a little bit range-bound lower until we see what the effects will be from the budget, the politics, Washington, Brexit and other usual worries."
The dollar pared some losses after the Fed statement as investors had earlier bet the Federal Reserve would signal a slower pace of interest rate hikes next year as it grapples with financial market volatility and potential slowdowns in major economies around the world.
A Reuters poll earlier showed risks of a U.S. recession in the next two years rising to 40 percent, inducing a significant shift in expectations that the Fed will introduce fewer interest rate hikes next year.
Meanwhile, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund rose 1.1 percent to 771.79 tonnes on Tuesday, the highest since Aug. 20.
Palladium hit a record high of $1,283.49 earlier in the session.
"The ability of the market to come back after selloffs reaffirms its underlying tight fundamentals and we expect palladium will move higher after the FOMC (Federal Open Market Committee meeting) is out of the way," HSBC analyst James Steel wrote in a note on Dec. 18.