Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.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
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
Stocks closed little changed after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency.
The dollar index, which tracks the greenback's performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals.
The IMF's comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar strength is hampering U.S. exports.
Earlier in the day, gold had traded slightly lower as stronger economic data from the previous session dampened hope for a rate cut later this month.
Chicago Fed President Charles Evans, meanwhile, said on Tuesday that an interest rate cut of a half a percentage point at the U.S. central bank's July 30-31 policy meeting could mean that the Fed's inflation goal is reached sooner.
Investors now await the Fed's 'Beige Book' later in the day for insight on how trade tensions are affecting the business outlook.
Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. They also boost the dollar, in which the metal is priced.
In the latest on the trade row, Trump said on Tuesday the United States still has a long way to go to conclude a deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if needed.
"Gold remains locked within the $1,400 - $1,420 range, while more broadly we look for a move outside of $1,380 - $1,440 for medium-term direction," trading firm MKS PAMP said in a note.
Meanwhile, silver held steady at $15.56 an ounce, extending gains for a fourth straight session. It hovered close to a more than four-month high of $15.69.