Washington Financial News

President Joe Biden is celebrating the Federal Reserve’s decision to lower interest rates by saying it shows that inflation has eased

WASHINGTON — The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers.

WASHINGTON — Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:

Subscribe to enjoy similar stories. The Federal Reserve’s decision to lower interest rates by half a percentage point, announced on September 18th, is momentous for two reasons. As the first cut by America’s central bank since it lifted rates to quell inflation, it marks the start of a monetary-easing cycle.

Hackers are demanding $6 million in bitcoin from the operator of the Seattle-Tacoma International Airport for documents they stole during a cyberattack last month

The International Brotherhood of Teamsters has declined to endorse Kamala Harris or Donald Trump for president, saying neither candidate has sufficient support from the 1.3 million-member union

FBI announced on Wednesday that Iranian hackers have attempted to intervene in the 2024 U.S. presidential election. The hackers sent emails to contacts of President Joe Biden’s campaign, using information allegedly stolen from former President Donald Trump’s campaign. The messages included excerpts from Trump's campaign documents aiming to lure Biden's team. The FBI found no evidence that anyone responded to these emails. Kamala Harris' campaign called the emails “unwelcome and unacceptable malicious activity,” treating them mostly as spam or phishing. Harris's campaign spokesperson, Morgan Finkelstein, stated, “We condemn in the strongest terms any effort by foreign actors to interfere in US elections.” The emails were sent before Trump’s campaign publicly acknowledged the hack on August 10. Iranian hackers reportedly stole and spread confidential Trump campaign documents. News outlets, including Politico, The New York Times, and The Washington Post, received these materials but have not reported the details.

The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for consumers

WASHINGTON – The Federal Reserve on Wednesday enacted its first interest rate cut since the early days of the Covid pandemic, slicing half a percentage point off benchmark rates in an effort to head off a slowdown in the labor market.

Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate

Republican presidential nominee Donald Trump has launched his family’s cryptocurrency venture, World Liberty Financial, with an interview on the X social media platform

Washington state is in court to try to block a proposed merger between Albertsons and Kroger

American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it’s cutting its key interest rate from a two-decade peak

TikTok faced off with the U.S. government in federal court on Monday, arguing a law that could ban the platform in a few short months was unconstitutional

Hardeep Singh Puri who is currently in the United States has severely criticised Lok Sabha Leader of Opposition Rahul Gandhi accusing him of having a "Jinnah like" mindset, that wants the nation to bleed and «foment a divisive narrative.» «He (Rahul Gandhi) never talked about the Sikhs while being in India. When they were in power, which government produced the monsters...they need to do some solid introspection, why this happened. This is a narrative anchored in total lies and. Therefore I am, not surprised that he is going around doing it but it is, I think, this thing about Muhammad Ali Jinnah, what he did, that either I want what I want, or else I will destroy it,» Puri who is in Washington DC for discussions with United States Secretary of Energy Jennifer Granholm on Monday (local time) said. «There can be some differences. But the whole beauty of democracy is to sit and address this issue...They should see the contribution of RSS for the nation. The one distinguishing feature in PM Modi government's ideology is Nation First...but he (Rahul Gandhi) is doing like Jinnah...you want to bleed it into a kind of breakup. But I want to remind them that our very old, more than 5000 years old, culture and civilization, it's an old civilization. People like this will not be able to break it, and we are a proud nation, the minister added.

Before he ran for the Senate in Pennsylvania, David McCormick was a big name on Wall Street as CEO of the world’s largest hedge fund

President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel, but the federal government appears to be in no hurry to block the deal

Walgreens agreed to pay $106 million to settle lawsuits that alleged it submitted false payment claims with government health care programs for prescriptions that were never dispensed

A strike by some 33,000 Boeing machinists is impacting production of the company's best-selling airplanes

Biden was hosting a celebration of Black excellence at the White House with lawmakers, advocates and celebrities this past week, Kamala Harris was instead headed off to campaign in Pennsylvania. The nation's first Black vice president spoke with voters there about supporting small businesses, building more housing and expanding the child tax credit. She said the country «needs a president of the United States who works for all the American people.» What she did not do was spend time talking about her race or gender or the prospect that she would be the nation's first Black and South Asian woman to be president if she defeated Republican Donald Trump.

Biden administration said it is getting ready to send a sizable aid package to Ukraine in the upcoming weeks. White House National Security Advisor Jake Sullivan stated on Saturday that President Biden will meet with Volodymyr Zelenskyy, his counterpart from Ukraine, this month, and that Washington is preparing a «substantial» round of further help for Kyiv. «I do think we need a comprehensive strategy for success in this war, and that is what President Zelenskyy says he is bringing,» Sullivan said.