Biotechs are instead spending their time advancing the kind of smart science that will catch the eye of cash-rich pharmaceutical companies.

Federal Reserve officials — including two who will become voters in 2026 — offered strongly opposing views Friday on what to do with interest rates, continuing a debate that will grip the US central bank into the new year.

If the Fed holds interest rates steady as a means of protecting against inflation, it risks a deeper slowdown of the labor market. On the other hand, by lowering rates to stimulate hiring, the Fed threatens to boost spending and worsen inflation.

Thanks to its latest decision on Wednesday – its final one for 2025 – the Federal Reserve has now reduced its key overnight lending rate by 1.75 percentage points since it began its rate-cutting cycle in September 2024.

The Fed has cut interest rates for the third time in a row at December's meeting. Fed members were the most divided they've been all year.

Fed Moves: 25-basis-point rate cut; shift to meeting-by-meeting approach eases concerns about a “hawkish cut”.

The next chair of the Federal Reserve might already be a disappointment to President Donald Trump – even before they’re named.

Federal Reserve Bank of Cleveland President Beth Hammack said she would prefer interest rates to be slightly more restrictive to keep putting pressure on inflation, which is still running too high.

Fed officials explained their opposition to the central bank’s decision this week to cut interest rates by a quarter of a percentage point.

Bitcoin traders wondering what the digital currency’s price will do next should closely monitor policy developments, according to several analysts.