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As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread 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
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The Dow Jones Industrial Average erased a 211-point drop as investors digested the latest monetary policy announcement by the Federal Reserve.US Marketsread more
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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
Amazon is launching a new feature that allows presidential candidates to receive campaign contributions through the Alexa voice assistant.Technologyread more
The woman says the abuse by Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, began when she was just age 14 or younger.Politicsread more
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...The Fedread more
GW Pharmaceuticals CEO Justin Gover said Wednesday that more education is needed on the health benefits that drugs derived from cannabis can provide.
"We're really at the beginning of this journey" for marijuana-derived drugs, Gover told CNBC's Jim Cramer on "Mad Money." "There's certainly education to do around explaining what the medicine does, how it works, the types of patients for whom it can benefit."
The company's medicine, Epidiolex, is the only drug derived from the cannabis plant to gain approval from the Food and Drug Administration.
The drug, which is designed to combat seizures in children with severe epilepsy, does not contain THC and does not give patients any psychoactive effects. The company said more than 12,000 patients have received prescriptions for the medicine since it launched.
The biopharmaceutical company reported late last month second-quarter earnings that beat Wall Street's expectations. Epidiolex reported U.S. net sales of $68.4 million in the quarter.
Gover said in an earnings release that the strong results reflect high demand for U.S. patients.
When asked by Cramer how the company has been able produce such success compared to other companies, Gover said, "This is not a product that emerged quickly."
"GW is 20 years in the making," he continued. "What it has required is real rigorous science, science around safety of CBD. ... None of that is simple."