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Rates expected to remain steady for longer, suggests Fed Chairman

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Top stories today:

  1. Rates expected to remain steady for longer, suggests Powell
  2. FTX general counsel: SBF wanted “legal justifications”
  3. Israel: U.S. ship near Yemen shoots down 3 missiles, drones
  4. Google introduces English speech practice inside Search
  5. X Premium's 2 new tiers confirmed by Elon, “soon”
  6. Existing home sales drop below 2020 low
  7. OpenAI: DALL-E 3 out, Thrive Capital leading round

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).

All times are ET.

1. Rates expected to remain steady for longer, suggests Fed Chair

  • Jay Powell again said the Fed “could” tighten rates further, rather than “would”, repeating phrasing used in August. - Axios

  • Could have done less stimulus: “With the benefit of hindsight, could we have done a little bit less and had a little bit of inflation? I guess we could.”

  • The path of U.S. debt is unsustainable, but not the current level, argued Powell.

Markets now price in 98% chance of no rate change in November, with 50 bps of cuts in 2024

2. FTX's former general counsel: SBF wanted “legal justifications” for $7B hole

  • Sun proposed 3 “theoretical arguments,” but “there were no legal justifications for funds missing, testified Can Sun. - Techcrunch

  • The trial is on break until Oct. 26, when the defense's team may start presenting their case, which can include putting SBF on the stand. - TIME

  • Both parties have submitted jury instruction requests. - The Block

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  • Members join a virtual community with messaging and connect in fast-paced meetings to solve their biggest challenges at work, faster.

  • Employer reimbursements possible: many Sidebar members get their membership fees covered by their employer.

Why spend a decade finding your people - join the growing waitlist of top senior leaders, and apply to become a founding member. - Sidebar


  • Sidebar announced raising $13.55M in a seed round, from investors including Foundation Capital, Scribble Ventures, and Pinterest co-founder Evan Sharp. - Techcrunch, Sidebar

4. Israel: U.S. destroyer near Yemen shoots down 3 missiles, drones

  • Missiles from Iranian-backed Houthi militants, could have headed to Israel.

  • Biden asks for restraint from Israel, promises aid package proposal today.

  • Expected $100B: $60B for Ukraine, $40B for Israel, Taiwan, U.S. border.

  • 10Ks missiles intended for Ukraine being sent to Israel.

  • Stimulus program larger than Covid planned by Israel.

  • West has funded Hamas for decades: analysis.

  • 100-300 dead in Gaza hospital, not due to Israeli strike: U.S. intelligence.

  • Worldwide caution alert issued by State Department.

5. Google introduces English speech practice inside Search

  • Gradual rollout in emerging markets, starting with Android devices in Argentina, Colombia, India, Indonesia, Mexico and Venezuela.

  • Potential threat to Duolingo, whose stock was just -1% for the day. - Techcrunch, Google

Duolingo, the leading app in language learning, was -8% for the day

6. X Premium's 2 new tiers confirmed by Elon, “soon”

Read more: Techcrunch.

7. Existing home sales drop below 2020 low

  • Annualized pace of 3.96M in Sep., above 3.89M expected, but -15% vs. Sep. 2022 (4.68M).

  • Home prices +3% YoY to $394.3K, as prices remain resilient to a slowdown in the housing market. - Yahoo Finance, National Association of Realtors

8. OpenAI news roundup

9. Interesting videos, posts, and memes

10. Other headlines


  • Meta, Google are breaking up with news companies: analysis.

  • X removes NYT's gold verification badge.

  • 23andme: hackers leak data of more millions of users.

  • Product Hunt cuts 60% of staff.

  • Meet Upway - The #1 Certified E-Bike Expert.*


Tech & law

  • EU rules help Yandex grow in Europe.

  • Adobe, Figma probe resumed by EU.



  • China injects $100B short-term cash, daily record.


  • Gemini, Genesis, DCG sued by NY AG for alleged $1B fraud.

  • SEC drops charges against Ripple CEO, Chairman, to focus on company.

  • Treasury proposes naming mixers “money laundering concerns.”

  • SynFutures, derivatives DEX, raises $22M.

U.S. politics


  • Argentine elections on Sunday: classical liberal Milei favorite.

  • Russia supports holding security talks with China, North Korea.

  • China has 500 nukes, to double by 2030: Pentagon report.

  • China leads in deep-sea exploration: analysis.

  • North Korean remote IT workers helped fund missile program: FBI.

  • U.S. soldier who ran into North Korea charged with desertion.

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