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
The tech company has been working on this new initiative since early 2018. The effort is coming out of the company's augmented reality and virtual reality group, a division that works on hardware, including the company's virtual reality Oculus headsets.
A team based out of Redmond, Washington, has been spearheading the effort to build the new AI assistant, according to two former Facebook employees who left the company in recent months. The effort is being lead by Ira Snyder, director of AR/VR and Facebook Assistant. That team has been contacting vendors in the smart speaker supply chain, according to two people familiar.
It's unclear how exactly Facebook envisions people using the assistant, but it could potentially be used on the company's Portal video chat smart speakers, the Oculus headsets or other future projects.
The Facebook assistant faces stiff competition. Amazon and Google are far ahead in the smart speaker market with 67% and 30% shares in the U.S. in 2018, respectively, according to eMarketer.
In 2015, Facebook released an AI assistant for its Messenger app called M. It was supposed to help users with smart suggestions, but the project depended heavily on the help of humans and never gained traction. Facebook killed the project last year.
The company in November began selling its Portal video chat device, which lets users place video calls using Facebook Messenger. Users can say "Hey Portal" to initiative very simple commands, but the device also comes equipped with Amazon's Alexa assistant to handle more complex tasks.
--CNBC's Jordan Novet contributed to this report.