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U.S. stocks fall after Fed cuts rates a quarter-point, but casts doubt on future stimulus

“The stock fell 49% prior to the freeze, on pace for the largest single-day decline in the stock since it went public in 1982” writes Andrea Riquier for marketwatch.com. Competitor UPS UPS, -1.92%  also saw its stock fall as Trump’s trade war takes its toll on international traffic. Source: marketwatch.com

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Stock market holds losses after Fed delivers expected interest-rate cut

“U.S. stock-index losses initially accelerated Wednesday afternoon but declines moderated some as investors assess 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 DJIA, -0.45% was down 62 points, or 0.2%, to 27,045, while the S&P 500 SPX, -0.52% lost 10 points, or 0.3%, to trade at 2,996” writes Mark Decambre for marketwatch.com. 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…

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Treasury yields remain lower as Fed cuts rate by quarter point

“Treasury yields remained lower after the Federal Reserve cut its benchmark interest rate by a quarter point to a range between 1.75% to 2.00%, as expected” writes Sunny Oh for marketwatch.com. The 10-year Treasury note yield TMUBMUSD02Y, -2.12% slipped 5.3 basis points to 1.761%, while the 2-year note yield TMUBMUSD02Y, -2.12% was down 4.9 basis points to 1.688%.Bond prices move in the opposite direction of yields. The majority of Fed officials anticipated no further rate cuts this year, with the minority forecasting another reduction. Source: marketwatch.com

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Trump wants a ‘big’ cut from the Federal Reserve. Instead, get ready for a small one.

“Trump called again this week for a “big” reduction in the Fed’s benchmark interest rate” writes The Washington for cleveland.com. He is widely expected to lead the Fed to cut interest rates at their Wednesday meeting, which would be the second reduction this year.Borrowers tend to like lower rates, while savers do not since banks usually lower the interest rate paid on savings accounts as well. Source: cleveland.com

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U.S. stocks remain lower ahead of Fed interest-rate decision

“The stock fell 49% prior to the freeze, on pace for the largest single-day decline in the stock since it went public in 1982” writes Andrea Riquier for marketwatch.com. The actions come ahead of a policy decision by the rate-setting Federal Open Market Committee at 2 p.m. China’s CSI 300 Index 000300, +0.48%  gained 0.5% after a 1.7% drop on Tuesday, and Japan’s Nikkei 225 index NIK, -0.18% fell 0.2%. Source: marketwatch.com

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Trump Will End California Authority to Set Stricter Auto Emissions Rules

“Emissions standards are closely linked with fuel economy requirements because vehicles pollute less if they burn fewer gallons of fuel” reports realclearpolitics.com. A dozen states and the District of Columbia also follow California’s fuel economy standards.WASHINGTON (AP) — The Trump administration is poised to revoke California’s authority to set auto mileage standards, asserting that only the federal government has the power to regulate greenhouse gas emissions and fuel economy.California’s authority to set its own, tougher emissions standards goes back to a waiver issued by Congress during passage of the Clean Air Act…

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What’s really priced in for the Federal Reserve decision

“Effective Fed funds was 2.30% today from 2.14% at the start of the week” reports forexlive.com. The October Fed funds contract is trading at 1.89% right now, which is 1.5 bps above the midpoint of 1.75-2.00%.Many market participants have come to rely on two tools to gauge the likelihood of a Federal Reserve interest rate cut. What’s more interesting is what’s priced in for October and that is a 50/50 probability right now and signals on that will dictate the market’s response. Source: forexlive.com

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Fed keeps cash spigot open as key rate punches above its target

“These operations have reduced repo rates, which were last quoted at 2.10%-2.25% on Wednesday” writes Midwest Communications Inc for 95kqds.com. Dollar money markets have wobbled this week as banks and Wall Street dealers scrambled to find daily funding for their trades and loans. They also seemed to lower the rates in other money market instruments such as Treasury bills.Concerns over problems in money markets spreading have been muted so far.In an overnight repo operation, banks borrow cash from the Fed using Treasuries and other securities as collateral. Source: 95kqds.com

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ECB weighs investigating Deutsche Bank over alleged unauthorized bond purchases: sources

“The ECB is now in a fact-finding phase to determine whether it should open a formal investigation, the people said” writes Midwest Communications Inc for 95kqds.com. The ECB eventually authorized Deutsche Bank to buy the bonds in 2017, but the ruling wasn’t retroactive.Deutsche Bank sought authorization in 2014 for the purchase of the bonds, but it was denied, the people said.But it may defeat the purpose if the bank holds the bonds, which is why the ECB requires a bank to seek its authorization to do so. Source: 95kqds.com

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