Wednesday, September 26, 2018
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What to watch today
At 2:00 p.m. ET, the Federal Reserve will release its latest monetary policy statement, which markets expect will see the central bank raise the target range for its benchmark interest rate by 25 basis points to a new band of 2%-2.25%. This would peg interest rates at the highest level since April 2008. The Fed’s announcement will be followed by a press conference with Fed Chair Jerome Powell at 2:30 p.m. ET as well as the Fed’s latest summary of economic projections, which will include Fed officials’ first estimates for economic growth, unemployment, and inflation in 2021.
Big tech firms get grilled in Congress today: Starting at 10 a.m. Wednesday, the Senate Commerce Committee plans to quiz representatives of six big tech firms about privacy on their services and in their apps. And the answers that committee members get from Amazon, Apple (AAPL), AT&T (T), Charter (CHTR) Google (GOOG, GOOGL) and Twitter (TWTR) executives may give us a better sense of how these companies use our data and try not to lose it. [Yahoo Finance]
Nike says Kaepernick ad campaign drove ‘record engagement’: Nike NKE) reported quarterly earnings that beat average analyst estimates as company executives asserted the company is on track for “strong, sustainable growth” in its key North American market. [Yahoo Finance]
SurveyMonkey raises $180M in US IPO: Online-polling company SurveyMonkey raised $180 million in an upsized initial public offering, selling the shares above the marketed price range. SurveyMonkey, the operating name of Svmk Inc., sold 15 million shares for $12 apiece after earlier offering 13.5 million of them for $9 to $11, according to a statement Tuesday. [Bloomberg]
Amazon makes first investment in a homebuilder: Amazon said its Alexa Fund invested in Plant Prefab, a Southern California company that says it uses sustainable construction processes and materials to build prefabricated custom single- and multifamily houses. The startup is aiming to use automation to build homes faster and bring down costs. [CNBC]
China to further boost digital economy: China’s state planner on Wednesday called for further advancement in the country’s $3.8 trillion digital economy, saying sectors such as big data and artificial intelligence (AI) will become drivers of job creation. [Reuters]
Yahoo Finance Originals
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