U.S. Stocks Fall After Fed Promises Slower Rate Cuts

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 18 December 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Dec. 18. The Federal Reserve drops interest rates by a quarter point, but signals intent to slow interest-rate cuts next year. And former students have filed a motion in a lawsuit against several elite universities, alleging that they colluded to determine students’ financial aid packages. WSJ higher education reporter Doug Belkin talks about how the suit taps into growing public frustration with the schools. Plus, reporter Richard Rubin talks about a new proposal in Congress that could cut taxes for Americans living abroad. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:37.8	U.S.
0:38.5	stocks fell sharply after Fed officials signaled they might keep interest rates higher than investors expected in 2025.
0:45.3	I would say today was a closer call, but we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals,
0:56.8	maximum employment and price stability.
0:58.8	And the Supreme Court will hear a case deciding whether a law that would ban TikTok is
1:03.3	constitutional.
1:04.8	Plus, do elite universities give preferential treatment to rich applicants?
1:08.8	A lawsuit alleges that they do.
1:11.5	It's Wednesday,
1:17.3	December 18th. I'm Alex Oslo for the Wall Street Journal. This is the PM edition of What's News,
1:24.8	the top headlines and business stories that move the world today. The Federal Reserve has announced that it is cutting interest rates by a quarter point. That was a move that experts had anticipated, but it signaled greater doubt over how much and how
1:32.2	fast it would reduce interest rates moving forward. The latest reduction, which was approved
1:36.5	by 11 of 12 Fed voters, will lower the Fed's benchmark federal funds rate to between 4.25%
1:42.5	and 4.5%, a two-year low.
1:45.6	To discuss that, we have Global Editor of Hurd on the Street, Spencer Jacob.
1:49.8	So, Spencer, this rate cut was approved by 11 of the 12 members of this committee at the Fed.
	...

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