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
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
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
In a lawsuit filed Tuesday in New York state court, Walmart alleged that Tesla solar panels installed atop seven of its stores had caught fire. Walmart is claiming breach of contract, gross negligence and failure to live up to industry standards.
"As of November 2018, no fewer than seven Walmart stores had experienced fires due to Tesla's solar systems — including the four fires described above and three others that had occurred earlier," the lawsuit says.
The retailer is asking the court to force Tesla to remove solar panels from more than 240 Walmart stores where they were installed, as well as pay damages related to all the fires. It didn't specify a monetary amount.
Walmart alleged that Tesla "routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge."
The lawsuit has revived concerns about Tesla's $2.6 billion acquisition of SolarCity in 2016. Walmart alleged in its claim that Tesla bought SolarCity to "bail out the flailing company" and mentions SolarCity 46 times throughout the lawsuit.
Tesla's stock price has suffered, with shares down roughly 31% this year. CEO Elon Musk's now-infamous tweet last August about taking the company private kickstarted a rough year for the company, followed by litigation, government inquiries, layoffs and operational challenges.
Tesla did not return a request for comment on the suit.