Fed Chair Powell says rates will fall, but 'over time,' adding that the FOMC "is not a committee that feels like it's in a hurry to cut rates quickly."
Visa handles more than 60% of debit card transactions in the U.S. and collects more than $7 billion annually in processing fees, a lucrative business that the DOJ alleges Visa protects through illegal, anticompetitive practices.
At future meetings, FOMC policymakers will consider "additional adjustments" to rates based on "incoming data, the evolving outlook, and the balance of risks."
The long-awaited cuts should make it easier for CCC rated companies to access debt capital markets rather than filing for bankruptcy, but some feel high-yield bonds are currently overvalued.
After burning through more than $8 billion in the first six months of the year, Boeing now faces a cash squeeze that puts its investment-grade rating at risk.
