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
KINSHASA, June 28 (Reuters) - The number of artisanal miners killed by a landslide at a copper and cobalt mine run by Glencore in southeast Congo rose to 43 on Friday and climb further as the search for missing workers continues, local officials said.
Thursday's accident occurred in the KOV open-pit mine at the Kamoto Copper Company (KCC) concession near Democratic Republic of Congo's southern border with Zambia, in which Glencore subsidiary Katanga Mining has a 75% stake.
The original death toll was estimated at 36 but rose through Thursday evening and into Friday as more bodies were uncovered, the officials said.
"We think that other bodies are still under the rubble," said Joseph Yav Katshung, the director of cabinet for the governor of the Lualaba province where the incident occurred.
Officials said the miners were working on the site illegally and had no approval or permits, a common occurrence in south Congo and Africa generally. Old-fashioned and unregulated methods, which can compromise safety, cost dozens of lives a year in Congo alone.
A union official representing KCC employees, said a crack in part of the pit had been noticed on Wednesday. He said KCC had put up red warning signs, but the diggers had ignored them.
Glencore in a statement on Thursday confirmed 19 fatalities and said it was assisting search and rescue operations by local authorities.
(Reporting By Fiston Mahamba in Kinshasa and Aaron Ross in Dakar Writing by Edward McAllister Editing by Edmund Blair)