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
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
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
The U.S. has too much cheese — 1.4 billion pounds of it to be exact.
To get some of that cheese off the market, the U.S. Department of Agriculture has spent $47.1 million buying up roughly 22 million pounds of it since 2016, according to a USDA spokesperson.
But this isn't the first time the government has bought tons of American cheese. In the 1970s, the USDA stepped in to help control volatile milk prices, and it became very profitable to produce milk. So, farmers started producing way too much of it, which was then turned into way too much cheese.
In 1981, then-President Ronald Reagan declared 30 million pounds of American cheese would be distributed to food pantries, school lunch programs and other welfare programs. By 1984, the U.S. was storing about 5 pounds of cheese for every American.
"People talk about food assistance programs as if they were created to help poor people out," said Andrew Novakovic, professor of agricultural economics at Cornell University. "Yes that's true, but almost all of the major food assistance programs were ideas that came from agriculture because we had too much of something."
Suddenly a block of surplus dairy product became a neatly packaged symbol of economic status known as "government cheese." It's been referenced in "SNL" sketches and songs by artists including DMX, Kendrick Lamar, The Roots and Jay Z.
"It would come in these big brick-type blocks and it's like Day-Glo orange," said Bobbi Dempsey, writer of The Tyranny and the Comfort of Government Cheese. "It brings back bittersweet feelings. It was a staple of childhood, so there's a nostalgia about that. But at the same time it's yet another aspect of life as a poor person that you had no control over."
Watch the video above to learn where government cheese came from, why it disappeared and if it could make a comeback.