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 to 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
The firm, which was a lead underwriter for the red hot May IPO, downgraded the stock to "neutral" from "overweight" and kept its price target of $120. The alternative meat company reported stronger-than-expected earnings last week — its first report since going public.
The stock is "beyond our price target," J.P. Morgan analyst Ken Goldman said in the note to clients. The share price has already exceeded the price target of every analyst on Wall Street and short sellers have lost more than $400 million betting against the plant-based burger maker's stock since it went public, according to research firm S3 Partners.
"This downgrade is purely a valuation call," Goldman said. "As we wrote last week, 'At some point, the extraordinary revenue and profit potential embedded in BYND… will be priced in' – we think this day has arrived."
Shares of Beyond Meat fell 25% to $126.04 on Tuesday following the downgrade. While investment banking and analyst research are separate units at major firms, investors likely still found it surprising that the lead underwriter would downgrade one of the companies it took public this early.
The company also announced on Tuesday that this week it will launch a "meatier" version of its plant-based burger.