Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.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
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
Stocks closed little changed after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Potential Federal Reserve nominee Judy Shelton thinks the central bank ought to pay more attention to financial markets when setting interest rates.
Already an economic advisor to President Donald Trump, Shelton has been mentioned frequently as a possible candidate for a Fed governor position. If she did get the nomination and was confirmed, Shelton said she'd bring a different perspective when it comes to how rates are set.
"What bothers me most about the way the Federal Reserve currently operates is more the mechanism," she said in an interview with The Wall Street Journal. "We can talk about whether rates should go up or down. I would like to see more market-determined rates."
The Fed has been criticized for using models like the Phillips curve to determine where rates should be. Trump has said rates are too high and has blamed the Fed for holding back economic growth. Markets also are pricing in a high likelihood of a rate cut before the end of the year, though central bank officials have been nearly unanimous in saying they're comfortable with current policy.
Shelton told the Journal that Trump's economic policies have boosted growth without causing inflation and that she's no longer uncomfortable with low rates and their potential for helping wealthy investors at the expense of retirees and Americans living on fixed incomes.
"Things have changed," she said.
A White House official said there aren't any nominations planned yet. Trump recently saw the withdrawal of two people he wanted to nominate, Stephen Moore and Herman Cain, following controversies.
Read the full Journal report here.