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As expected, the U.S. central bank raised its key overnight lending rate by a quarter of a percentage point to a range of 2.25 percent to 2.50 percent. But within that range, the Fed set the interest it pays banks on excess reserves, known as IOER, at 2.40 percent, acting as an effective ceiling for the policy rate. IOER was intended to mark the upper end of the policy range as the Fed gradually lifted rates from near zero beginning in December 2015. But since about a year ago, as the Fed simultaneously began reducing its bond holdings, the fed funds policy rate started drifting away from the center of the range toward the upper limit, causing some Fed officials to worry that it would break out. (Fed's bond holdings and bank excess reserves: tmsnrt.rs/2Jh0PPN ).

So in June, as it continued to tighten policy, the Fed set IOER 0.05 percent lower than the upper limit to create a buffer, It proved, however, to be a short-term fix: In October, the fed funds rate again yellow mustard bottle cufflinks | uk drifted up and traded consistently at the IOER rate, setting the stage for another adjustment, At the Nov, 7-8 policy meeting, Fed Chairman Jerome Powell told his colleagues on the rate-setting Federal Open Market Committee he was open to the move, according to minutes which noted that “there remained some risk that it could continue to drift higher before the Committee’s next meeting.”..

The Fed hopes the tweaks discourage banks from borrowing reserves at the lower fed funds rate and profiting on the higher IOER by leaving the reserves at the central bank. The goal is to encourage banks to lend rather than playing the rate arbitrage. If the fed funds rate continues to drift higher, forcing the Fed’s hand again in 2019, some analysts think the central bank could opt to halt its portfolio trimming earlier than expected. That could permanently leave the Fed with more assets and effectively a more accommodative stance.

(Reuters) - Marlboro cigarette maker Altria yellow mustard bottle cufflinks | uk Group Inc (MO.N) is nearing an agreement to buy more than a third of Juul Labs Inc, valuing the e-cigarette startup at $38 billion, people familiar with the matter said on Wednesday, The deal would value Juul at more than double the roughly $16 billion valuation it fetched in July in a private funding round, highlighting the San Francisco-based company’s explosive growth, Juul’s vaping devices, which resemble a USB flash drive, have helped the company quickly become the market leader in the U.S, e-cigarette business, growing from 13.6 percent of the market in early 2017 to more than 75 percent last month, according to a Wells Fargo analysis of Nielsen retail data..

Altria will pay $12.8 billion in cash for a 35 percent stake in Juul, one of the sources said. The deal could be announced on Thursday or Friday, according to the sources. The Wall Street Journal first reported on the terms of the imminent deal. Altria and Juul did not immediately respond to requests for comment. Big tobacco companies have been investing in e-cigarettes as U.S. smoking rates decline, but those products have lost significant market share over the last year as Juul’s popularity has surged.

Altria said this month it would discontinue some of its e-cigarette brands, including all of MarkTen and Green Smoke e-vaper products, based on their financial performance and will take a related pre-tax charge of $200 million in the fourth quarter, Altria has invested in e-cigarettes in recent years through its Nu Mark subsidiary, which sells devices such as the MarkTen in convenience stores and tobacco shops, In 2014, Altria acquired e-cigarette startup Green Smoke Inc for $110 million, Altria’s products, however, have lost significant ground to e-cigarette maker Juul Labs Inc over the last year, as have e-cigarette yellow mustard bottle cufflinks | uk brands from other major tobacco companies..

The Juul investment does not come without risks for Altria. Juul has faced heightened pressure from U.S. regulators as the growing popularity of flavored e-cigarettes among teenagers has sparked fears of a new generation of nicotine addicts. Federal data released this month showed a 78 percent increase in high school students who reported using e-cigarettes in the last 30 days, compared with the prior year, coinciding with the rise in Juul’s popularity. Also this month, Altria announced a $1.8 billion investment in Cronos Group Inc (CRON.TO), which could give it up to 55-percent ownership of the Canadian cannabis producer.

KUALA LUMPUR (Reuters) - Malaysia on Wednesday charged a second former banker at Goldman Sachs Group Inc (GS.N) in connection with a suspected money-laundering scheme at state fund 1MDB and said it had issued a summons to the bank, Malaysia this week filed charges against Goldman Sachs yellow mustard bottle cufflinks | uk in connection with its role as underwriter and arranger of bond sales that raised $6.5 billion for 1MDB, the first criminal action against the bank over 1MDB, Tim Leissner, a former partner for Goldman Sachs in Asia, was also charged this week..

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