Fed stays put despite Trump insult, oil hits $76 per barrel: Live Updates
The Federal Reserve, despite pressure from President Trump, left interest rates unchanged. Oil ticked higher as tensions between Iran, Israel and the U.S. intensified. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Traders work on the floor of the New York Stock Exchange in New York City.
Stocks closed mixed on Wednesday after the Federal Reserve kept interest rates unchanged after its latest policy meeting.
The Dow Jones Industrial Average fell 44.14 points, or 0.1%, while the Nasdaq Composite rose 0.13%. The S&P 500 was down 0.03%.
The Federal Reserve on Wednesday said that it will leave its benchmark interest rate unchanged following its June monetary policy meeting as policymakers continue to monitor inflation and labor market data amid elevated economic uncertainty.
The central bank's decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.
Investors are also closely watching the intensifying conflict between Israel and Iran.
Iranian Supreme Leader Ayatollah Ali Khamenei on Wednesday rejected President Donald Trump's call for an "unconditional surrender" from Iran.
"The US President threatens us. With his absurd rhetoric, he demands that the Iranian people surrender to him. They should make threats against those who are afraid of being threatened. The Iranian nation isn’t frightened by such threats," Khamenei wrote in a post on X.
Federal Reserve Chairman Jerome Powell
The Federal Reserve on Wednesday said that it will leave its benchmark interest rate unchanged following its June monetary policy meeting as policymakers continue to monitor inflation and labor market data amid elevated economic uncertainty.
The central bank's decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.
SAUL LOEB/AFP via Getty Images
U.S. Steel closed its $14 billion acquisition with Japan's Nippon Steel which is expected to create around 100,000 jobs.
“This is a momentous day for our country, our communities, and the American steel industry. Thanks to President Trump’s bold leadership, American workers secured the best possible deal. U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home. Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States" said U. S. Steel CEO Dave Burritt.
While cross border deal faced many hurdles, President Trump gave it the greenlight, which includes some pro-America guidelines.
U.S. Headquarters: U. S. Steel will remain a U.S.-incorporated entity
Headquarters will remain in Pittsburgh, Pennsylvania
U.S. Board - A majority of U. S. Steel’s board of directors will be U.S. citizens
U.S. Management - U. S. Steel’s key management personnel, including its CEO, will be U.S. citizens
Ken Langone, co-founder of Home Depot, is the latest high profile business leader to warn about the ballooning U.S. debt.
President Donald Trump slammed Federal Reserve Chair Jerome Powell on Wednesday ahead of the central bank's interest rate decision, calling him "a stupid person."
"We have a stupid person, frankly, at the Fed," Trump said. "He probably won't cut."
The U.S. is one step closer to becoming the crypto capital of the world, a goal of the Trump administration.
The Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins also known as the GENIUS Act.
One of the bill’s biggest advocates is Senate Banking Committee Chairman and former presidential candidate Tim Scott, R-S.C., who led the bill through his committee with Democrat support. Scott said the GENIUS Act "is the first of its kind" after the bill passed the senate in an exclusive interview with Fox News Digital.
The Federal Reserve will release its decision on interest rates at 2pm ET. While no change is expected, the White House has ramped up the pressure on Chairman Jerome Powell, who will likely be peppered with questions about his future during his press conference which begins at 2:30pm ET.
Trading Economics
Oil inched higher amid the conflict between Iran and Israel now above $75 per barrel. Analysts are handicapping what could send crude even higher.
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