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Live Reporting

Bill Wilson

All times stated are UK

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  1. Good night

    That is all from us here at Business Live for the day, hope you will join us again tomorrow morning. 

  2. Wall Street closes down for fifth session in a row

    Wall Street fell for the fifth session running on Wednesday after the Federal Reserve left US interest rates unchanged. 

    Meanwhile, investors remained cautious in light of the forthcoming referendum in the UK on 23 June about whether to leave the EU.

    At close the Dow Jones was down 0.20% at 17, 640.17, the S&P was behind by 0.18% at 2071.50, and the Nasdaq lost 0.18% at 4, 834.93.

  3. Transcript of Yellen opening statement

    The Federal Reserve tweets...

  4. Fed Funds projections from June meeting

    The FT tweets....

  5. Yellen quotes on a possible Brexit vote

    "Brexit...the upcoming UK decision is something we discussed and I think it's fair to say that it was one of the factors that factored into today's decisions," said Ms Yellen.

    "Clearly this is a very important decision for the United Kingdom and for Europe. It is a decision that could have consequences for economic and financial conditions in global financial markets. 

    "If it does so it could have consequences in turn for the US economic outlook that would be a factor in deciding on the appropriate path of policy.  It is certainly one of the uncertainties that we discussed and that factored into today's decision."

  6. Reality Check

    Would there have to be emergency Brexit tax rises?

    George Osborne saying there would have to be an emergency budget.

    The claim: If there was a vote to leave the EU there would have to be an emergency budget.

    Reality Check verdict: There is no legal requirement to have an emergency budget but the Chancellor could have one if he wanted to make immediate changes to tax rates or spending cuts.

    Read the full Reality Check here.

  7. Fed's Yellen on the Brexit factor

    Janet Yellen

    Despite the Fed not alluding to the UK referendum on EU membership on 23 June in its formal statement today, chairman Janet Yellen has now been asked about the issue in her media conference.

    She says that the forthcoming vote was one of the reasons for leaving rates unchanged, and that a Brexit vote to leave the EU could have consequences for the US economy and financial conditions. 

    She is basically repeating what she said last week, when Ms Yellen warned an EU exit could have "significant economic repercussions".

  8. Econonic times they-are-a-changing

    The WSJ tweets the Fed statement now and then...

  9. US markets ahead after Fed decision

    Wall Street indexes were up after the Fed decision, the Dow by 0.37%, S&P by 0.36%, and Nasdaq by 0.36%.

    Investors in Europe, the US and Asia have been becoming more nervous ahead of the UK vote on 23 June on whether to leave the EU.

  10. Fed monitors global conditions but not EU poll

    The Fed also said that it was closely watching global economic and financial developments. 

    But it made no reference to the vote in the UK next week about whether the UK should exit the European Union.

    Uncertainty around which way that vote will go is credited with creating volatility in markets in Europe and further afield.

  11. Fed forecasts now less optimistic

    Federal Reserve building

    Federal Reserve officials are less optimistic about the economy's growth this year and next, compared with three months ago.

    They now expect growth to be 2% this year and next, down from previous forecasts of 2.2% this year and 2.1% in 2017. 

    They also expect 2% growth in 2018, the same as in March. Their unemployment rate forecasts are little changed, at 4.7% at the end of this year, the same as it is now.

    The Fed projects it will be 4.6% next year and remain at that level in 2018. 

  12. The Fed on US economic conditions

    Quote Message: The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data. from Federal Reserve statement
    Federal Reserve statement
  13. Fed sees 'slower path of future rate hikes'

    The Federal Reserve kept interest rates unchanged on Wednesday and indicated it still planned two rate increases this year.

    it added that it sees a slower path of future rate hikes, with roughly three per year starting in 2017.

  14. BreakingUS Fed keeps rates on hold

    The US Federal Reserve has said it will keep interest rates at between 0.25% and 0.5%.

    The bank last raised rates in December.

  15. Fenland tractors in vogue around the globe

    BBC World Service tweets....

  16. Which US state shares your country's GDP?

    Business Insider tweets....

  17. Sir Philip Green 'not used to being quizzed'

    Quote Message: "What was quite clear was that he was not being used to being questioned. Quite reasonable questions asked with some courtesy he took offence at. from Iain Wright MP for Hartlepool
    Iain WrightMP for Hartlepool
    Iain Wright MP

    Sir Philip Green accused Labour MP Iain Wright of being rude to him with his line of questioning earlier this afternoon.

    Here are Mr Wright's impressions of Sir Philip's evidence, given to BBC Business Online's Jamie Robertson.

    "One of the things that really struck us was the ability of him to have quite vivid recollection of detail such as where that seven million pounds went but in terms of ten years of pension schemes, which went from surplus to deficit, he didn’t know anything, and we were trying to push him on that - that curious mix, that contradiction between knowing the detail and knowing nothing at all is something we really want to push."

    And as for his own style of questioning, which inflamed the retailer at times, Mr Wright said this: "What was quite clear was that he was not being used to being questioned. Quite reasonable questions asked with some courtesy he took offence at."