NEW YORK (Reuters) -Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank has no desire to be involved in any government effort to stockpile large amounts of bitcoin. "We're not allowed to own bitcoin," Powell said at a press conference following the Fed's latest two-day policy meeting, in which policymakers cut rates as expected while signaling a less certain path for monetary policy in the months ahead. In terms of the legal issues around holding bitcoin, "that's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed," Powell said.
Wall Street Pros Say Fears of Fewer Fed Cuts Sparking Selloff
(Bloomberg) -- The Federal Reserve did what markets expected Wednesday. But that didn’t stop investors from dumping risk assets in droves.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousStock sold off violently at the end of the session after the Fed cut interest rates by a quarter of a percentage point, its third straight reduction, and Chair Jerome Powell indicated that the central bank will likely put further reductions on hold while inflation stays abov
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Morning Bid: Fed's 'hawkish cut' slams markets, BOJ up next
The Federal Reserve has spoken, and as far as investors are concerned, the message was clear - clearly hawkish. Investors in Asia go into Thursday on the defensive after the Fed cut interest rates by a quarter of a percentage point as expected, but signaled a slower pace of easing ahead.
Stocks skid after Fed signals it will slow down its easing
According to preliminary data, the S&P 500 lost 2.96%, while the Nasdaq Composite lost 3.62% and the Dow Jones Industrial Average fell or 2.61%. The Dow and S&P saw their biggest one-day percentage decline since Aug. 5 and the Nasdaq saw its biggest daily decline since July 24. "Everything in the dot plot suggested that we have higher economic growth, a stronger labor market, more inflation, fewer Fed rate cuts and a higher neutral rate."
Bonds Slump as Fed Gives Traders Reason to See Fewer 2025 Cuts
(Bloomberg) -- The US Treasury market tumbled as traders took the Federal Reserve’s revised forecasts as reason to slash their expectations for interest-rate reductions next year.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousThe selloff lifted shorter-maturity yields, which are more sensitive to Fed policy shifts, more than 10 basis points to the highest levels in several weeks. The Fed cut interest rates Wednesday for a third-straight time as expected, w
Micron's Stock Tumbles as Its Outlook Disappoints
Micron Technology issued a revenue outlook that came in below analysts’ expectations, sending shares lower in extended trading Wednesday.