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 with 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
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
The Federal Reserve dialed up its growth expectations slightly while keeping its inflation projection unchanged.Marketsread more
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...The Fedread 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
Apple is in the final stages of preparing its new streaming video service, which will feature free original content for device owners and a subscription platform for existing digital services. But don't expect Netflix to be a part of it, and HBO's participation is also in doubt, according to people familiar with the matter.
Apple is aiming to launch service in April or early May. It will allow customers to sign up for existing digital streaming products and watch them in the iOS TV application, similar to Amazon's Prime Video Channels. Apple wants to simplify mobile video viewing by housing content in one app instead of forcing users to launch separate apps for each service.
Lions Gate's Starz; CBS, which owns Showtime; and Viacom are expected to offer subscription streaming services on the Apple platform, according to people familiar with the matter, who asked not to be named because the discussions are private.
HBO may join its premium network brethren but isn't as far along in discussions with Apple, one of the people said. Apple hasn't offered HBO the same terms that Amazon offered, said the person.
While the exact disagreement between Apple and HBO isn't known, media companies have been concerned about data sharing and revenue splits as Apple tries to aggregate existing services in new ways. For instance, The Wall Street Journal reported Tuesday that Apple is pushing to take nearly 50 percent of revenue derived from a new subscription news service it's planning to launch later this year.
Apple is pushing for a 30 percent cut on every customer that subscribes to an over-the-top video service through its streaming service, three of the people said. Currently, Apple takes a 15 percent cut on revenue from customers that sign up to HBO Now, Netflix, and other streaming apps through the App Store, two people said.
Netflix and Hulu aren't part of Amazon Prime Video Channels and aren't expected to be a part of Apple's product either, according to people familiar with the matter.
Spokespeople at Apple, CBS, HBO, Hulu, Netflix, Starz and Viacom declined to comment.
Apple has jostled with traditional media companies for years over getting access to their content. CEO Tim Cook previewed Apple's new offering on the company's earnings conference call last month.
"We see huge changes in customer behavior taking place now and we think that it will accelerate as the year goes by with the breakdown of the cable bundle. I think that it'll likely take place at a much faster pace this year," Cook said. "We will participate in the original content world. We have signed a multi-year partnership with Oprah, but today I'm not really ready to extend that conversation beyond that point. We've hired some great people that we have a super amount of confidence in, and we'll have something to say more on that later."
Apple's deal with Oprah Winfrey and other big entertainment names like Reese Witherspoon and Steven Spielberg will give Apple device owners access to both film and TV content for no additional charge. Apple is planning to offer its original content free to device users, CNBC first reported in October. Apple planned to spend about $1 billion on originals last year, the Wall Street Journal reported. Apple has agreed to a number of movies and series already, including animated features, comedies, reality shows and dramas, most of which were compiled by Macworld here.