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The Food and Drug Administration said on Wednesday that some people and companies are trying to profit from this pandemic by selling unproven and illegally marketed products that make false claims, such as being effective against the coronavirus.The FDA says that products that claim to cure, treat, or prevent COVID-19 haven't been evaluated by the FDA for safety and effectiveness, and calls said products "dangerous."Wednesday's announcement comes two weeks after the FDA previously announced it sent letters to a number of companies that sell products that allegedly claim to treat or prevent coronavirus. Simply put, if there are any products that claim to treat or cure coronavirus, the FDA says not to buy it."The FDA is working with medical product developers to rapidly advance the development and availability of vaccines and treatments for COVID-19. Although there are investigational COVID-19 vaccines and treatments being studied in clinical trials, these products are in the early stages of development. They haven't yet been fully tested for safety or effectiveness, or received FDA approval," the FDA said on Wednesday,' the FDA said. The FDA is requesting the public to report suspected fraud to the FDA's 1235

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The Federal Reserve on Wednesday voted to raise interest rates despite new signs of economic softening and weeks of market volatility.Central bankers unanimously agreed under Chairman Jerome Powell to lift the federal funds rate, which controls the cost of mortgages, credit cards and other borrowing, to a range of 2.25% and 2.5%.Interest rates have increased seven times since President Donald Trump took office. Four of those increases have been under Powell.The policy decision comes even as Trump called on the Fed to move cautiously "before they make yet another mistake," shortly before policy makers began their two-day policy-setting meeting in Washington on Tuesday. 688

The Federal Reserve is poised to cut interest rates on Wednesday for the first time since the 2008 financial crisis to extend the longest economic expansion in US history.The move would come despite a strong US economy. But some cracks are beginning to show: The global economy is softening, American manufacturing is slowing, and the global trade war isn't helping matters.But a potential rate cut would also follow months of pressure from President Donald Trump, who has broken with his predecessors' practice of walling off the central bank from politics.Jerome Powell, the chairman of the world's most influential central bank, has repeatedly pledged to follow economic data, and policymakers have become increasingly worried that uncertainty, caused in part by the President's trade wars with China and other countries, will hamper global growth and dampen investment."We are carefully monitoring these developments and assessing their implications for the US economic outlook and inflation, and will act as appropriate to sustain the expansion," Powell reiterated in remarks delivered at a French government conference in Paris on July 16.Even before the central bank signaled the possibility last month, investors had already priced in a reduction in the federal funds rate, which influences the cost of mortgages, credits cards and other borrowing. Those expectations piled on additional pressure on the Fed to move at this week's meeting to avoid rattling markets with an abrupt change in course.The Fed chairman has brushed off such pressures -- political or otherwise -- arguing the Fed is "insulated" from such demands as an independent institution outside of the control of the White House and whose decisions are informed by incoming economic data.The Fed last raised rates in December but has backed off plans for further tightening.In June, Powell began to make the case that the Fed, like other central banks, around the world needed to act earlier to get ahead of any economic weakness especially given how low interest rates currently are -- a reversal from his previous stance."If you see weakness, it's better to come in earlier rather than later," Powell said at an appearance before the Council on Foreign Relations in New York. "I think most central banks would want to act preemptively and let a downturn gather steam, in a sense, the thought being an ounce of prevention is worth a pound of cure."That message has been echoed by other top officials, including Federal Reserve Bank President William Dudley.Efforts by the Fed to prevent an economic downturn is unlikely to win a reprieve from the White House. A day before policymakers were set to gather for their two-day interest-setting meeting in Washington this week, Trump chastised the Fed for making "all the wrong moves," adding, "a small rate cut is not enough."Trump has kept up a year-long relentless attacks against the Fed, often lamenting he regrets appointing Powell for the role, and going so far as to threaten to fire him. He's called the central bank his "biggest threat" and accused them of behaving like a "stubborn child" for refusing to cut rates and keeping credit too tight.It will be up to Powell during his now-routine press conference to justify the decision to plow ahead with a rate cut given some prevailing strength in the economy. Since their last meeting in June, the data has consistently surprised to the upside with stronger-than-expected job gains, retail sales and economic growth in the second quarter.Wall Street analysts also suggest Friday's upcoming jobs numbers will also be an important economic milestone that will determine whether a further rate hike may be coming as early as September as some anticipate."Expect an overall strong report, eroding the case for further cuts, but given the strong easing bias of Fed leaders, much depends on exactly how strong the report is and how they adjust their messaging in response," Josh Wright, iCIMS' chief economist and former Fed staffer said. "'One and done' still seems like an economically justifiable outcome." 4095

The major television networks will provide wall-to-wall coverage of President Donald Trump's prime time address on border security on Tuesday.NBC, ABC, CBS and Fox broadcast network all said on Monday that they had agreed to the White House's request for air time.CNN, Fox News and MSNBC will all carry the address live, as well.Presidents have been using Oval Office addresses to make big announcements for decades. But this is Trump's first time using the setting for an address to the nation. On Monday the White House requested air time for the speech, as is customary in the relationship between a president and the press.But for a few hours, it was unclear what the networks would do.Trump announced his plan for the 9 p.m. ET Tuesday address via Twitter. In his tweet, he characterized the situation on the border as a "national security crisis," a description that even some people in his own party reject.In response, a broadcast network executive said "time has been requested for 9 p.m. Networks are deliberating."The broadcasters have been known to resist presidential requests for air time for a variety of reasons, including the perceived urgency of the subject and the popularity of the shows that would be interrupted.With Trump, there were other factors to consider, including his record of deception and his tendency to ramble off script in long speeches.Many Trump critics posted messages on social media urging the networks not to air an address that could be filled with falsehoods. Some said that a prominent Democrat should be given equal time. It is unclear if any sort of Democratic rebuttal is in the works.With all that in mind, network newsrooms were abuzz with speculation about what the broadcasters would decide, since it was sure to be controversial either way.CBS was the first of the broadcasters to say it would go ahead and carry the address. Then NBC, ABC and Fox broadcast network said the same. There's no word on a decision from PBS yet.There is precedent for broadcast networks declining to air a presidential speech. In 2014, ABC, NBC, and CBS declined to carry an 2119