John Ydstie

The U.S. economy grew at a 2.9 percent annual rate in the final three months of 2017, the Commerce Department said Wednesday. That's slightly faster than the previous 2.5 percent growth estimate, but slower than the 3.2 percent pace of the third quarter.

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Updated at 2:59 p.m. ET

The Federal Reserve announced a quarter-point increase in interest rates as expected Wednesday, the first rate move under its new chairman, Jerome Powell. The key fed funds rate was moved up to a target range of 1.5 percent to 1.75 percent.

Updated at 5:14 p.m. ET

President Trump promised steel and aluminum executives Thursday that he will levy tariffs on imports of their products in coming weeks. He said the imported steel will face tariffs of 25 percent, while aluminum will face tariffs of 10 percent.

"We're going to build our steel industry back and we're going to build our aluminum industry back," Trump told reporters.

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