Rates expected to remain steady for longer, suggests Fed Chairman
Bay Area Times
October 20, 2023
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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
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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
DALL-E 3 now available to all Plus, Enterprise users.
AI image detector: OpenAI debating internally whether to release it.
Thrive Capital to lead purchase of OpenAI's ~$86B round.
9. Interesting videos, posts, and memes
10. Other headlines
Tech
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.
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Tech & law
EU rules help Yandex grow in Europe.
Adobe, Figma probe resumed by EU.
Biotech
Laronde, Senda merging with $700M+ in total funding.
Beam lays off 100 employees, 20% of staff.
AI drugs failing in the clinic.
Business
China injects $100B short-term cash, daily record.
Crypto
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
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.
World
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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