Top stories today:

1. Fed keeps rates at 5.25% - 5.50%, Powell bearish on cut in March
2. FTX estate expects to pay back customers 100%
3. Average startup that raised Series A had 80% gross margins
4. YouTube leads in (social) media with 83% usage among U.S. adults

0. Data and calendar

Correction about yesterday: Alphabet's revenue was +13% to $86.3B in Q4, not +3% to $69.8B.

1. Fed keeps rates at 5.25% - 5.50%, Powell on March rate cut: ”don't think it's likely”

• Unanimous vote.

• Post-meeting statement dropped reference to potential “firming,” but said it wouldn't be appropriate to start cutting “until it has gained greater confidence that inflation is moving sustainably toward 2%.”

2. FTX estate expects to pay back customers 100%, won't reboot exchange

FTX had $11B in customer liabilities, it estimated in September:

• “No investor is ready to commit the needed capital to a restart of the offshore exchange,” said Andrew Dietderich, a lawyer for FTX.

• Bankruptcy values will be based on the effective date of the bankruptcy, Judge John Dorsey ruled, saying “the code is very clear.”

FTX had recovered $7B in assets in September, but Solana, their largest position, has 5x’d since then

4. Average startup that raised Series A had 80% gross margins, 600% revenue growth