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
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
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
Developed countries like the U.S. should take care of those in desperate need, said Warren Buffett, chairman and CEO of Berkshire Hathaway.
"In a country with $65,000 in GDP per capita ... you do take care of the people that for one reason or another ... have become roadkill," Buffett told CNBC's Becky Quick at The Gatehouse's Hands Up for Success luncheon in Grapevine, Texas. "We are prosperity. We should take care of people who've become roadkill because of something beyond their control ... I think that's the obligation of a rich country," he said.
Buffett said the benefit of free trade is rather "invisible," and in fact the policy has done damage to some workers.
"I'm 100 percent for free trade. I think it has benefited the country enormously and will continue to benefit it. But the benefit of free trade is invisible. ... There's nothing in Walmart that says you saved 8 percent because we bought this somewhere other than American manufacturers," Buffett said.
"You have this huge national benefit unseen but you ruined the economic lives of people who are 50 or 55. They are not going to be retrained and relocated ... they became uneconomic in the world of economy. Rich countries can take care of those people to follow policies which benefit all of us to take care of the relative few who are dislocated," he added.
Buffett also said Thursday that economic growth has lost some steam recently.
Fourth-quarter GDP rose 2.2 percent, in line with expectations, but it was down from the previous estimate of 2.6 percent and leaves full-year growth at 2.9 percent.