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
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
As the Federal Reserve lowers rates, some banks are pulling back their offerings on their savings accounts and certificates of deposit. Even so, they are still pretty good by...Personal Financeread more
Fiat Chrysler has withdrawn its merger proposal for French automaker Renault "with immediate effect," the board of Fiat Chrysler Automobiles announced Wednesday in a statement.
"It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," the statement said.
Fiat Chrysler said it "remains firmly convinced of the compelling, transformational rationale of a proposal that has been widely appreciated since it was submitted."
The French carmaker's board met to consider the proposal late Wednesday. Nissan's two representatives on Renault's board were withholding their support as other board members were planning to submit favorable votes for the merger, Dow Jones reported.
Renault's board said in a press release late Wednesday the directors "were unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council."
The two automakers were exploring a merger in order to curb costs producing vehicles and combine resources. The merger would have created the world's third-largest automaker and would produce estimated sales of 8.7 million vehicles per year.
The French government said it wouldn't back the merger unless Nissan guaranteed that Renault's long-held alliance with Nissan would continue, sources told Dow Jones. Once the state requested a delay on the vote for the merger proposal, Fiat Chrysler withdrew.
French Finance Minister Bruno Le Maire said earlier on Wednesday that there was no reason to rush on the merger talks between the carmakers but emphasized that he wanted the deal to move forward.
"We should take our time to make sure that things are done well," Le Maire told BFM TV on Wednesday.