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 U.S. President Donald Trump and the state of California went to war on Wednesday over who should set the standards in the United States for vehicle emissions and electric cars, foreshadowing a legal battle over environmental policy issues that will affect the auto industry and consumers.
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 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.
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 * Saudi displays evidence of attacks that it, U.S. blame on
Iran
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Pompeo inadvertently admitted the Iran crisis is a 'direct result' of Trump's actions Business InsiderTrump rebuts Graham: My response to Iran 'was a sign of strength' CNNIran's Rouhani may cancel U.N. visit if U.S. visa not issued soon:... ReutersTrump Has an Iran Strategy The New York TimesHow Trump can punish Iran, without starting a war The Washington PostView full coverage on Google News
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FedEx plummeted after warning of the impact of trade tensions, and Adobe's results beat expectations.
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 In another blow to the vaping industry, CBS Corp., WarnerMedia and Viacom Inc. reportedly said Wednesday that they will no longer air commercials for electronic cigarettes.
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"We always wanted to be globally diverse," AGCO CEO Martin Richenhagen tells Jim Cramer in a "Mad Money" interview.
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The software giant also said it plans to raise its dividend 11%, as the company maintains its record of sharing its flood of cash with shareholders.
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Beijing wants lenders to build defences against downturn as trade war lingers
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Khan warns Pakistanis against joining anti-India fight in Kashmir Aljazeera.comIn coup for Modi, Trump will join Indian prime minister at U.S. rally The Washington PostPakistan says India ‘escalating tensions' after threat to take over all of Kashmir The IndependentPakistan Warns India's Kashmir Move Could Lead to 'Nuclear War' if World Does Not Act NewsweekPakistan refuses permission for India's Modi to fly across its airspace ReutersView full coverage on Google News
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Shares of Kraft Heinz Co. slumped 4.2% in midday trading, enough to pace decliners among its consumer staples peers group, after the food and beverage company's second-largest shareholder cut its stake by more than 9%. In a Form 4 filing with the Securities and Exchange Commission, Kraft Heinz disclosed that private-equity firm 3G Capital sold 25.1 million Kraft Heinz shares on Monday at a price of $28.44, which values the shares sold at $712.95 million. That left 3G with a 245.03-million-share stake, or 20.1%, of the shares outstanding. 3G's stake is second to Warren Buffett's Berkshire Hathaway Inc.'s 325.6-million-share stake as of June 30, which is 26.7% of the shares outstanding. 3G and Berkshire orchestrated the creation of Kraft Heinz when Kraft Foods Group Inc. and H.J. Heinz Co. agreed in March 2015 to merge. Kraft Heinz's stock has tumbled 34.1% year to date, while the SPDR Consumer Staples Select Sector ETF has rallied 19.7% and the Dow Jones Industrial Average has climbed 15.8%.
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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