Rates expected to remain steady for longer, suggests Fed Chairman
Brought to you by:
Top stories today:
- Rates expected to remain steady for longer, suggests Powell
- FTX general counsel: SBF wanted “legal justifications”
- Israel: U.S. ship near Yemen shoots down 3 missiles, drones
- Google introduces English speech practice inside Search
- X Premium's 2 new tiers confirmed by Elon, “soon”
- Existing home sales drop below 2020 low
- 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
Once accepted, you’ll join your own personal Sidebar group of highly vetted peers, a professional coach, and custom programming to drive impact in your career.
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.
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
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
8. OpenAI news roundup
9. Interesting videos, posts, and memes
10. Other headlines
Tech & law
China injects $100B short-term cash, daily record.
Jim Jordan to attempt 3rd House speaker vote today at 10 AM.
Temporary speaker McHenry threatens to quit.
Prosecutors reject Trump's bid for “presidential immunity” dismissal.
Sidney Powell pleads guilty in Georgia election case.
Kenneth Chesebro rejected guilty plea.
Trump +4 vs. Biden in swing states: Bloomberg poll.
Alex Jones: judge disallows bankruptcy to avoid $1.1B defamation verdict.
Jon Stewart's Apple TV show canceled, reportedly over China, AI remarks.
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.
Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).
What did you think of today's newsletter?
Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team.