Investors largely expected the FOMC to cut rates by a quarter point.The Fedread 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 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
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread 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
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv
LONDON, June 28 (Reuters) - Sterling fell to a new 5-month low on Friday as investors continued to fret about the possibility of a no-deal Brexit should Boris Johnson win the Conservative party leadership race and replace Prime Minister Theresa May as prime minister.
Against the euro the British currency fell 0.2% to 89.92 pence, its weakest level since Jan. 11. Sterling has now lost 5% of its value versus the single currency since the start of May, although losses during the last week have partly come as a result of broad euro strength.
Versus the dollar, the pound was steady on Friday at $1.2670 but down 0.6% for the week.
Investors have been reluctant to take big positions in the pound amid the Conservative party leadership contest, which should end with a new prime minister in place by the end of July.
Johnson, the frontrunner, has said Britain will leave the European Union on Oct. 31 deal or no-deal, but he has also said there is only a one in a million chance of leaving without an agreement in place.
"It is going to be a bumpy ride. GBP looks a bit more cheap. But the fact that it is cheap and unloved means there is a risk we see a slightly stronger GBP. We could potentially see a stronger reaction if more market friendly news are delivered," said Joseph Little, global chief strategist at HSBC Global Asset Management.
Sterling was unmoved by GDP data released on Friday, which showed the British economy grew 0.5% in the first quarter, in line with expectations.
Some say that the pound is likely to remain under pressure until there is clarity around Brexit.
"As long as a no-deal Brexit remains a possibility, that should keep the pound below the psychological 1.30 mark against the U.S. dollar," said Han Tan, market analyst at FXTM.
"Even though the UK leadership transition is set to be completed within the next month, sterling is expected to remain exposed to political risks leading up to the Oct. 31 Brexit deadline, as the UK continues to pursue its exit from the European Union." (Reporting by Tommy Wilkes; Editing by Susan Fenton)