Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
There’s a ton of news to get through, so let’s dive right in.
The Federal Reserve announced Wednesday that it had raised its benchmark interest rate after a two-day policy meeting, as had widely been expected. Here’s what you need to know:
- YELLEN: “The simple message is the economy is doing well”
- Here’s the new Fed dot plot
- The Fed tightened its growth forecast
- Here’s how the Fed hike could affect your life
- Here’s how the market responded to the Fed’s decision to raise rates
- The Fed just hiked rates for the 3rd time — that has a history of signalling a “major cyclical top for stocks”
- The Fed is not buying one of Trump’s biggest economic promises
- Janet Yellen just made an unsettling admission about the economy
- Here’s what 9 Wall Street gurus think about the Fed’s rate hike
President Donald Trump’s administration released its first budget on Thursday that proposes to slash spending and shrink several key federal agencies, while vastly increasing defence and homeland security. Here’s what you need to know:
- Here are the winners and losers in Trump’s first budget plan
- Trump’s budget shows he is getting ready to fight Americans for their land on the border
- Trump’s proposed budget wants to chop $US6 billion in biomedical research funding
- TRUMP: “I want to cut the hell out of taxes”
- We’ve already tried budgeting Trump’s way and it was a huge failure
- Trump’s slash-and-burn budget could hit his own political base the hardest
Goldman Sachs CEO Lloyd Blankfein just issued a defence of his firm’s tradition of sending people to government.
A $US5.5 billion hedge fund is stepping in where banks fear to tread — and making a killing. And here’s how banks can offer credit cards like the Sapphire Reserve with enormous sign-up bonuses and still turn a profit
The relationship between Main Street and big business appears to have broken down completely in the United States.
Tesla is going to blow through billions to launch the Model 3. A startup headed by a former Tesla exec said its Model S rival will have a 240-mile range. And Snap’s stock has dipped below $US20 for the first time.
A letter bomb exploded at the International Monetary Fund offices in Paris and injured one person.
A startup cofounded by a 30-year-old just got $US38 million to revolutionise the way we transplant organs – Egenesis, a startup that’s using the gene-editing tool CRISPR to make pig organs viable for transplants into people, just raised $US38 million.
GUNDLACH: My favourite stock market is on fire – Jeff Gundlach, founder and chief executive officer of DoubleLine Capital, named India as his “favourite stock market,” urging investors to look for opportunities in emerging markets and Europe.
Oracle’s cloud business pumped revenue and profits past targets – Business software maker Oracle Corp reported a better-than-expected rise in quarterly adjusted revenue and profit as the company benefits from its transition to cloud-based products.
A drug company just struck a deal to discount the price of a lifesaving diabetes medication to $US25 – Insulin prices have been rising — increases that mean some people are spending as much on monthly diabetes-related expenses as their mortgage payment.
GoPro finally realises that smartphones can do exactly what its cameras can – One of GoPro’s biggest challenges is competition.
CREDIT SUISSE: Williams-Sonoma faces “concerning underlying trends” – High-end home furniture and kitchenware retailer Williams-Sonoma is not immune to the pressures of the retail industry.
RANKED: The 14 countries that are the most optimistic about the future – Parents want their children to live in a better world than the one they grew up in.