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 JPMorgan Chase & Co Chief Executive Jamie Dimon credited the U.S. Federal Reserve on Wednesday with doing the "right thing" in supporting the overnight funding needs of banks after borrowing costs suddenly spiked on Monday.
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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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Gold futures finished with a modest gain on Wednesday, logging a third straight session climb, then moved lower in electronic trading after the U.S. Federal Reserve cut the fed funds interest rate by a quarter point to 1.75%-2%. The ICE U.S. Dollar Index inched higher after the decision, weighing on dollar-denominated prices for the yellow metal. December gold was at $1,509.70 an ounce shortly after the Fed policy statement. The contract settled up $2.40, or 0.2%, at $1,515.80 on Comex, ahead of the Fed decision. That was the highest settlement since Sept. 5, according to FactSet data.
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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The Fed Is Poised to Cut Rates Again. Here's What to Watch. The New York TimesA crack just emerged in the financial markets: The NY Fed spends $53 billion to rescue the overnight lending market CNNFed expected to cut funds rate to 1.75 percent to 2 percent Fox BusinessThe Fed Needs to Give the Economy a Booster Shot BloombergFed rate cut: Federal Reserve expected to cut the federal funds rate on Wednesday CBS NewsView full coverage on Google News
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"While on strike, some benefits shift to being funded by the union's strike fund, and in this case hourly employees are eligible for union-paid COBRA so their health care benefits can continue," GM said in a statement.
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The Federal Reserve injected another $75 billion into a U.S. banking system on Wednesday, restoring a measure of order after a bout of extreme volatility inside the bank funding market drove the central bank's benchmark interest rate above its targeted range for the first time since the financial crisis.
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2019-09-18 0001193125-19-247755 470 KB
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