Fed Reserve Chair Jerome Powell speaks at a news conference last month. Photo: Mark Wilson/Getty Images

The Federal Reserve said that U.S. business investment growth has "moderated from its rapid pace earlier in the year," in a statement released Thursday alongside an announcement that the central bank would not raise interest rates.

  • The Fed maintained its overall rosy outlook of the economy, signaling one more rate hike for this year in December.

Why it matters: This is a departure from the Fed's September's statement, and reflects a Commerce Department report showing the business investment growth fell from 8.5% in Q2 to 0.8% in Q3.

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9 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

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