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The Fed inserted no substitute language for the dropped ‘accommodative’ wording in its statement. That wording had become less and less accurate since the central bank began increasing rates in late 2015 from a near-zero level, and its removal means the Fed now considers rates near neutral. Wednesday’s rate increase once again drew criticism from President Donald Trump, who has complained that the Fed’s actions are countering his efforts to boost the economy. “We’re doing great as a country. Unfortunately they just raised interest rates because we are doing so well. I’m not happy about that,” Trump told a press conference on the sidelines of the United Nations General Assembly in New York.

“I’d rather pay down debt or do other things, create more jobs, So I’m worried about the fact that they seem to like raising interest rates.”, Powell, light and shiny cufflinks at his press conference, declined to say whether Fed policymakers had discussed Trump’s previous criticism of the central bank, Last month, Trump expressed his displeasure about rising rates and said the Fed should do more to boost the economy, Powell, who was appointed by Trump and took over as Fed chairman earlier this year, said the central bank would remain independent..

“We don’t consider political factors or things like that,” the Fed chief said. Wednesday’s rate hike was the third this year and the seventh in the last eight quarters. Ahead of Wednesday’s statement, traders put the chance of a rate increase at 95 percent, according to CME Group. The Fed’s latest projections show the economy continuing at a steady pace through 2019, with gross domestic product growth seen at 2.5 percent next year before slowing to 2.0 percent in 2020 and to 1.8 percent in 2021, as the impact of recent tax cuts and government spending fade.

Inflation was forecast to light and shiny cufflinks hover near 2 percent over the next three years, while the unemployment rate is expected to fall to 3.5 percent next year and remain there through 2020 before rising slightly in 2021, The jobless rate is currently 3.9 percent, With risks described as roughly balanced, the statement left the Fed on a steady course for the next year, Risks to the current run of economic growth, such as the threat of a damaging round of global tariff increases, were largely set aside, There were no dissents in the Fed’s policy statement..

WASHINGTON (Reuters) - A group of nine state attorneys general on Wednesday backed AT&T Inc (T.N) as the Justice Department asks a federal appeals court to reverse approval of the company’s $85.4 billion acquisition of Time Warner Inc. It “is rare for the federal government to pursue an antitrust case involving major, national companies without any state joining the effort,” the nine state officials said in a court filing, noting that no states have filed briefs supporting the Justice Department’s appeal.

“It is notable that the district court - after a six-week trial, during which it heard numerous witnesses and reviewed thousands of pages of exhibits - found the federal government’s case to be without merit, That determination validates the States’ decision light and shiny cufflinks and is entitled to substantial deference,” the brief said, The nine attorneys general are from Alabama, Georgia, Kentucky, Louisiana, New Mexico, Oklahoma, South Carolina, Utah and Wisconsin, The government is appealing U.S, District Judge Richard Leon’s ruling in June that the acquisition of Time Warner could proceed, The government argued the deal would lead to higher prices for consumers and was illegal under antitrust law..

AT&T has said it would manage Time Warner’s Turner cable television networks as part of a separate business unit until February 2019 or the conclusion of the government’s appeal. “In the crucible of litigation, DOJ’s claims were exposed as both narrow and fragile,” AT&T company argued in court documents filed last week. The merger, announced in October 2016 and closed on June 14, was opposed by President Donald Trump. The merged company includes CNN, a frequent target of Trump’s ire.

In August, the Justice Department light and shiny cufflinks said Leon had failed to take into account how companies negotiate with each other and seek to maximize profits in considering the Justice Department’s arguments about how the deal would decrease competition, The core of the Justice Department’s concern about the deal is that AT&T, which owns DirecTV, would use its ownership of Time Warner’s content to make pay TV rivals pay more, thus raising their costs and forcing them to charge consumers more..



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