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
* New law compels PM Johnson to seek further Brexit delay
* Lawmakers preparing legal action against PM Johnson
* Johnson says only bound by new law "in theory" - report
* Industry not ready for no deal - BCC (Adds detail, former deputy PM comments, BCC report)
LONDON, Sept 7 (Reuters) - British lawmakers are preparing legal action in case Prime Minister Boris Johnson tries to defy legislation compelling him to seek a further delay to Brexit, the BBC reported on Saturday.
An opposition bill which would force Johnson to ask the European Union for an extension to Britain's departure to avoid a no-deal exit on Oct. 31 was approved by parliament's appointed upper chamber, the House of Lords, on Friday.
Queen Elizabeth is expected to sign it into law on Monday.
The government had no immediate comment on the BBC report, which said lawmakers, including Conservatives expelled this week from Johnson's ruling party, have lined up a legal team and are willing to go to court to enforce the legislation if necessary.
Johnson, a leader of the campaign to leave the EU during the 2016 Brexit referendum, took office in July after his Conservative party predecessor Theresa May quit following three failed attempts to get a deal with Brussels through parliament.
The new prime minister says he wants to take Britain out of the EU on Oct. 31, with or without a deal with the bloc.
Johnson has said he has no intention of seeking an extension and would rather "die in a ditch" than delay Brexit.
Saturday's Daily Telegraph reported that the prime minister is prepared to defy parliament's instruction to request an extension to the Brexit process if he fails to agree a new deal.
The newspaper quoted Johnson as saying he was only bound "in theory" by the new legislation.
RULE OF LAW
Former deputy prime minister David Lidington said obeying the rule of law was a fundamental principle of the ministerial code.
"Defying any particular law sets a really really dangerous precedent," he told BBC radio.
Lidington, who was May's deputy, resigned before Johnson took office.
Johnson says the only solution to the Brexit deadlock is a new election, which he wants to take place on Oct. 15, allowing him to win a new mandate with two weeks left to leave on time.
Two-thirds of parliament's lawmakers need to back an early election, but opposition parties, including Labour, said they would either vote against or abstain on this until the law to force Johnson to seek a Brexit delay is implemented.
Johnson failed to win enough support in a vote on Wednesday for an election, with another vote scheduled for Monday.
Separately on Saturday, the British Chambers of Commerce (BCC) said a "concerningly high number" of firms in the country are not ready for a no-deal Brexit.
The BCC said its survey of 1,500 firms found 41% had not even done a Brexit risk assessment.
Our evidence yet again reinforces the importance of averting a chaotic exit on Oct. 31," director general Adam Marshall said. (Reporting by James Davey; Editing by Alexander Smith)