The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
With the Federal Reserve deciding not to cut interest rates but leaving the door open for future cuts, experts are split on what comes next.Trading Nationread more
deal@ (Adds detail on lawsuit)
WASHINGTON, June 11 (Reuters) - Ten states led by New York and California have filed a lawsuit to stop T-Mobile US Inc's $26 billion purchase of Sprint Corp, warning that consumer prices will jump due to reduced competition.
The complaint, announced by the New York attorney general's office, was filed in the U.S. District Court for the Southern District of New York. The New York attorney general office will hold a news conference this afternoon.
Attorneys general from the ten states have been investigating the deal, which would reduce the number of nationwide wireless carriers to three from four. The companies have pledged not to boost rates for three years.
T-Mobile, whose parent company is Deutsche Telekom AG , and Sprint, controlled by Japan's SoftBank Group Ltd , did not comment. A spokeswoman for the New York attorney general declined to comment.
Shares of Sprint dropped 5.3% to $6.62 while T-Mobile was down 1.4% at $75.59.
While AT&T and Verizon dominate the overall U.S. wireless market, T-Mobile is the most popular among customers who make less than $75,000 per year, and Sprint's Boost Mobile prepaid brand counts 83 percent of its users in that income range, according to Kagan, S&P Global Market Intelligence data.
Critics of the deal fear it will likely lead to higher prices for the poorest Americans, many of whom use prepaid wireless plans.
The companies have offered to sell Boost to reduce the combined company's market share in the prepaid business. They have also indicated they were considering divesting wireless spectrum.
The two companies have been in regular contact with regulators as they lobby for approval. Sprint Chief Executive Officer Marcelo Claure and John Legere, his counterpart at T-Mobile, met with Justice Department officials on Monday, according to a source familiar with the matter.
If the states' lawsuit goes forward, the courts would have the last say, not the Justice Department, said Blair Levin, an analyst with New Street Research, in a note on Tuesday following the development, which Reuters first reported.
The next two big steps will be determining the position of Makan Delrahim, head of the antitrust division, and the identity of the judge assigned to the states' lawsuit, Levin wrote.
State attorneys general often participate in lawsuits aimed at stopping mergers but rarely go it alone.
The deal has won the backing of a majority of the Federal Communications Commission. The U.S. Justice Department's antitrust division staff has recommended the agency block the deal, but no final decision has been made. (Reporting by Diane Bartz, David Shepardson, Karen Freifeld; Additional reporting by Angela Moon and Sheila Dang in New York; Editing by Chris Sanders, Steve Orlofsky and Jeffrey Benkoe)