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