President Donald Trump threatened to file a “major lawsuit” against Federal Reserve Chair Jerome Powell, alleging “grossly incompetent” management of the Federal Reserve’s building construction projects.
Read More Trump threatens ‘major lawsuit’ against Powell over ballooning Fed building renovation costs
The tech-heavy Nasdaq led a selloff among Wall Street’s main indexes, falling over 3% to a near six-month low, on fears that a tariff war could spark an economic slowdown.
Read More Nasdaq falls over 3% to six-month low on growth concerns
The U.S. Federal Reserve will cut the federal funds rate by 25 basis points in both November and December.
Read More Fed to cut rates by 25bps in Nov and Dec, approach neutral level sooner
Fed Governor Christopher Waller and New York Fed President John Williams both voiced that description of the shortening horizon toward looser monetary policy.
Read More Fed getting ‘closer’ to rate cuts, top officials say
The Federal Reserve raised interest rates to a 22-year high on Wednesday, following a brief break in rises during the central bank’s attempts to keep unprecedented inflation under control.
Read More Federal Reserve Hikes Interest Rates To 22-Year High