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 to 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
European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the Financial Times and Politico.
The reports, citing an internal document, said EU officials have drafted a document for a "European Future Fund" that would invest 100 billion euros ($110 billion) in "high-potential European companies."
The proposal would mark a drastic step from the EU to try to encourage companies within the continent to catch up with competitors from the U.S. and China. The FT said the document specifically named threats from U.S. tech giants Google, Apple, Facebook and Amazon and Chinese firms Baidu, Alibaba and Tencent.
"Europe has no such companies,'' the FT quoted the document as saying. "This presents a risk to growth, jobs, and to Europe's influence in key strategic sectors."
It is unclear whether the proposal would gain traction among EU member states.
European Commission Chief Spokesperson Mina Andreeva said in a briefing Friday the plan had not been seen by president-elect Ursula von der Leyen. She said "draft internal brainstorming documents" should not be confused with policies.
"This leaked document should therefore be given zero credence," Andreeva said.
While Europe lags behind the U.S. and China as a home for big tech companies, the region has taken on a leading role regulating the industry. Analysts expect new officials at the EU will maintain a tough stance on tech giants when it comes to issues like data privacy, antitrust and taxation.
Read more on the story here.