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WASHINGTON (AP) – Most Federal Reserve officials backed reducing the size of their interest rate hikes “soon” at their last meeting – before raising their benchmark rate by a substantial three-quarters of a point for the fourth straight time. done Central bank policymakers saw “few signs that inflationary pressures are easing.” Still, a “substantial majority” of officials felt that a lower rate hike “would likely be appropriate soon,” according to minutes of their Nov. 1-2 meeting. The Fed is widely expected to raise its key short-term rate, which affects many consumer and business loans, by half-a-point when it next meets in mid-December.
$740M in crypto assets have been recovered so far in the FTX bankruptcy
NEW YORK (AP) — The company tasked with liquidating assets at failed cryptocurrency exchange FTX said it has so far managed to recover and secure $740 million in assets, a fraction of the billions that could potentially be lost. And bankruptcy is missing from the company’s coffers. . The numbers were revealed on Wednesday by cryptocurrency custodial company BitGo, which hired FTX in the hours after the company filed for bankruptcy on November 11.
Buyers look for deals but inflation makes bargaining impossible
NEW YORK (AP) — Consumers out for great deals — and some much-needed relief from rising costs on nearly everything — may be disappointed as they head into the busiest shopping season of the year. While retailers are advertising sales of 50%, 60% and 70% off everything from TVs to gadgets, many items will still cost more than last year due to inflation and finding a true bargain. can prove to be a challenge. From September to October, shoppers paid about 18% more for electronics and appliances than they did a year ago, according to analytics company DataWeave. For toys, they paid about 3% more. ___
Small businesses, and shoppers, return to the holiday markets
NEW YORK (AP) — Shoppers at the Bryant Park Holiday Market in New York City on a recent evening in early November were in the holiday spirit ahead of Black Friday. Candle vendors’ booths smelled of pine, people sipped gingerbread cookies and hot cider and ice skaters rolled figure eights around the rink at the center of the market. After two years of pandemic holidays that saw people spend more dollars online, shoppers are back in force at stores and holiday markets. Small businesses say it’s starting to feel a lot like Christmas, emotionally and financially. ___
Beating protesting workers in Chinese iPhone factory
BEIJING (AP) — Police beat workers protesting a wage dispute at Apple’s biggest factory for the iPhone, whose new model is being delayed by controls imposed as China tries to contain a surge in Covid-19 cases. tries to Foxconn is struggling to fill orders for the iPhone 14 after thousands of workers walked out of a factory in the central city of Zhengzhou last month following complaints about unsafe working conditions. China’s status as an export powerhouse is based on factories like Foxconn that produce the world’s consumer electronics, toys and other goods. The ruling Communist Party is trying to contain the latest wave of outbreaks without shutting down factories and the rest of its economy as it did in early 2020.
Stocks on Wall Street gained ground ahead of the American holiday
NEW YORK (AP) – Stocks closed higher on Wall Street after the release of minutes from the Federal Reserve’s most recent policy meeting, which showed Fed officials agreed that a small rate hike is likely “soon.” will be The S&P 500 rose 0.6% on Wednesday, the Nasdaq climbed 1% and the Dow climbed 0.3%. Deere rose after the appliance maker reported earnings that exceeded analysts’ expectations. Long-term Treasury yields were slightly lower. Oil prices fell, European markets closed mostly higher and Asian markets closed mixed overnight. US markets will be closed for Thanksgiving on Thursday and close early on Friday.
Jobless claims rose to 240,000, the highest since August.
WASHINGTON (AP) – The number of Americans filing for unemployment benefits rose to the highest level since August but remained low by historical standards. The Labor Department reported on Wednesday that 240,000 people applied for unemployment benefits last week, up 17,000 from the previous week. The four-week moving average of claims, which smooths out week-to-week volatility, rose 5,500 to 226,750. Applications for unemployment benefits are a proxy for layoffs and current low levels indicate that American workers enjoy exceptional job security.
Nigeria hopes that the new currency notes will curb inflation, corruption
ABUJA, Nigeria (AP) — Nigeria has unveiled newly designed currency notes that the West African country’s central bank says will help curb inflation and money laundering. At the unveiling of the notes on Wednesday, Central Bank of Nigeria Governor Godwin Emefiele said the new high denomination notes of 200, 500 and 1,000 naira will also promote financial inclusion and economic growth. But experts are skeptical of such results in a country that has battled corruption for decades, with government officials known for looting public funds that have created more hardship for many struggling with poverty. Nigeria’s currency has not been redesigned in 19 years, and the new initiative is the latest in policymakers’ quest for a cashless and more inclusive economy.
The S&P 500 gained 23.68 points, or 0.6%, to close at 4,027.26. The Dow Jones Industrial Average closed up 95.96 points, or 0.3%, at 34,194.06. The Nasdaq gained 110.91 points, or 1%, to close at 11,285.32. The Russell 2000 index of smaller companies rose 3.08 points, or 0.2%, to close at 1,863.52.
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