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Top stories today:
- Fed expected to cut rates by 25 bps today at 2 PM ET
- TikTok deal said to give Oracle, Silver Lake, a16z 80% U.S. stake
- OpenAI announces ādifferent ChatGPT experienceā for teens
- xAIās Grok 5 has shot at AGI, Elon says
- Figure AI raises $1B+ at $39B valuation in Parkway-led round
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Fed expected to cut rates by 25 bps today at 2 PM ET
Markets expect 3 consecutive 25 bps cuts:
1st 2025 cut, after three between Sep.-Dec. 2024.
2:30 PM ET: Fed Chair Powell speaks at the FOMC press conference after the meeting ends.
The meeting comes after months of Trumpās attacks on the Fed over rates and legal dramas raising doubts about attendance.
The revision will be influenced by the ongoing slowdown in U.S. job growth
As the seasons shift, your wardrobe should move seamlessly with you. Luca Faloniās mid-season collection is built around five versatile staples, crafted in Italy from the finest natural fabrics. Designed to layer, adapt, and elevate, these pieces bring comfort, refinement, and timeless style to every occasion.
From crisp mornings and warm afternoons to city weekends and evening gatherings, these are the essentials that form the foundation of a wardrobe that never feels out of place. Sophisticated, practical, and enduring, each piece embodies the essence of Italian craftsmanship, helping you transition with ease and elegance.
Luca Faloni - Five Core Mid-Season Icons:
Cotton PiquĆ© Shirt ā The Siena shirt combines soft natural stretch with sartorial details like a cutaway collar and mother-of-pearl buttons. Effortlessly versatile, it works just as well under a blazer as it does on its own.
Denim Shirt ā A year-round classic, crafted in premium washed denim for durability and comfort, designed to develop character and patina over time.
Cashmere-Cotton Polo ā Luxuriously lightweight and refined, this polo shirt blends breathable cotton with the softness of cashmere, perfect for both relaxed and business-casual looks.
Silk-Cashmere Crew Neck ā Finer than pure cashmere, this elevated knit is a transitional essential, equally elegant layered under tailoring or worn solo.
Suede Bomber Jacket ā Handcrafted from Italian goatskin suede with cashmere detailing, this smart-casual jacket is the ultimate statement in enduring style.
*Sponsored.
3. TikTok deal framework said to give Oracle, Silver Lake, a16z 80% U.S. stake
Chinese shareholders would hold the remainder, per discussions in Madrid this week.
A new TikTok app for U.S. users is reportedly in testing.
TikTok engineers would recreate content-recommendation algorithms for the U.S. app.
Oracle would manage user data at its facilities in Texas.
Final deal details are still being worked out.
Dec. 16: Trump set as the new TikTok deal deadline after the latest Wed. cutoff slipped.
China called the deal a āwin-winā and said it would review TikTokās tech and IP transfers.
