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MarketWatch MarketPulseSep 18, 2019
FOMC cuts fed funds rate, 7 officials project one more by year end
WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday trimmed its benchmark interest rate to 1.75% to 2%, with a sizable minority projecting one more rate reduction in 2019. The central bank has cut rates twice in the past two months as an insurance policy against damage from the U.S. trade war with China. The vote was 7-3. St. Louis Fed President James Bullard preferred a half-point cut. Boston Fed President Eric Rosengren and Kansas City Fed President Esther George dissented for the second meeting in a row, preferring no rate cut. Looking ahead, 10 senior Fed officials projected no more rate cuts this year, but seven viewed one more reduction as likely. Meanwhile, the Fed left its forecast for the economy little changed over the next several years. Notably, the central bank projected no rate cuts in 2020 and just one in both 2021 and 2022.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



KiplingerSep 18, 2019
5 Stocks You Shouldn't Hold Through the Next Recession
It's easy to predict that a recession will come eventually. They always do. The trick is in the when - and even the most experienced experts take a lot of swings without making contact.

But more strategists and economists are increasing their odds of a forthcoming recession. An August survey by the National Association for Business Economics showed that three of four economists expect a recession by 2021. It could come sooner than that. Also in August, Bank of America analysts said there's a greater-than-30% chance of a recession within 12 months. In a June interview, economist Gary Shilling said, "I think we're probably already in a recession."

There are plenty of potential catalysts. Numerous international central banks are easing their policies to battle slowing economic growth. America's Federal Reserve is no exception - it just announced the second cut in its benchmark interest rate this year. The U.S.-China trade war is exacerbating things, with a salvo of tariffs weighing on consumers here and abroad. This has been reflected in the Treasury yield curve, which has inverted several times in 2019 - a recessionary warning sign.

Don't look to these five stocks for recession protection. Many businesses surely will feel the pinch of an economic pullback. But these five better-known names - while fine companies in some respects - have issues such as high debt levels and struggling growth despite the economic expansion that might make a downturn more painful for them than others.

SEE ALSO: The Pros Say No: 7 Large-Cap Stocks to Sell or Avoid


MarketWatch MarketPulseSep 18, 2019
Stock-market losses accelerate as Fed cuts interest rates but fails to point to further easing
U.S. stock-index losses accelerated Wednesday afternoon as investors assessed the Federal Reserve's decision to cut rates, as expected, with several dissenting votes, implying that further reductions are not guaranteed.The Dow Jones Industrial Average was down 170 points, or 0.6%, to 26,943, while the S&P 500 lost 21 points, or 0.7%, to trade at 2,984. The Nasdaq Composite declined 83 points, or 1%, to 8,103. The rate-setting Federal Open Market Committee cut rates by one quarter of a percentage point to a range of 1.75%-2%, in a 7-3 vote. Voting against the action were James Bullard, who preferred to lower the target range for the federal-funds rate to 1.50% to 1.75%. Esther George and Eric Rosengren preferred to maintain the target range at 2% to 2.25%. "Bottom line, there is now a likelihood that as of today, this might be the last rate cut of the year as the 'mid course adjustment' process continues but could be done. So call this a hawkish cut," wrote Peter Boockvar chief investment officer at Bleakley Advisory Group, in a research note after the Fed decision. The central bank is expected to host a news conference hosted by Chairman Jerome Powell at 2:30 p.m. Eastern.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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