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Market News
CPI @ 8:30am ET
Strategists see far deeper Fed rate cuts than the markets, Yellen disagrees with Moody’s negative outlook, Supreme Court adopts first code of conduct following controversies, House Speakers plan to avert gov shutdown faces critical last few hours, and Dubai faces down airline rivals with $50 billion jet orders...
Moody's blues
Moody’s turns negative on US credit rating, military talks will be a priority at Biden-Xi summit, Johnson delivers stopgap plan to lower risk of US shutdown, Main Street prepares for new state minimum wage hikes in 2024, and Chamath says the job of VC won’t exist in a world of AI-powered two-person startups...
Big bank breach
Powell: Fed is ‘not confident’ it’s done enough to curb inflation, world’s largest bank hit by ransomware gang, Humane’s wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Street...
Endless inflation
Griffin says high inflation to last years, Eli Lilly wins FDA approval for rival obesity drug, Amazon to offer Prime members $99 annual access to primary-care service, ChatGPT experiences major outage, and 16 members of Gambino mafia arrested in major raid in NY/Sicily...
XI in SF
S&P, Nasdaq score longest win streak in 2 years, Xi to meet US business execs for dinner in San Francisco, Elon Musks’s Neurolink now has FDA clearance to start surgery, Biden approval falls to lowest level since April, and Hyundai to build US plant to make first flying electric taxi’s...
Turbo-charged
Israel says it has isolated Gaza City, OpenAI announces GPT-4 Turbo at first in-person event, WeWork files for bankruptcy, SpaceX eyes $15 billion in 2024 sales on Starlink strength, and voters aren’t believing in Bidenomics...an, the price of money is going up, Berkshire Hathaway’s cash pile swells to a record $157 billion, and Kai-Fu Lee's AI startup hits Unicorn status in eight months...
Fed is done
Powell hints Fed is done with hikes - a pivot cheered by markets, IRS announces 2024 retirement account contribution limits, world’s safest market becomes a magnet for big investors, BofA indicator shows S&P 500 gaining 16% over next year, and real estate industry takes a fresh hit with verdict...
Tesla tumbles
Powell to hold policy news conference today at 2:30p ET (watch live), it’s a ‘no’ from Biden for House GOP Israel aid package, Treasury announces new Series I bond rate of 5.27% for next 6/mo., Tesla erases $145 billion in valuation, and WeWork set to file for bankruptcy next week...