Developing
Fed Holds Rates at 3.75% to 4% as Two Officials Vote to Raise Them
Chairman Kevin Warsh said inflation is “too high,” but the central bank, citing the need for more data, left rates alone in its last vote before the midterms.
Business
Markets, companies, prices and the economy.
The Fed
Fed Expected to Hold Rates Days Before the Midterms as Inflation Climbs
Kevin Warsh leads the central bank into a decision on Wednesday with consumer prices rising at 3.7 percent and a December hike already priced in by markets.
Economy
Consumer Confidence Rebounds in October From a Decade Low as Gas Prices Ease
The Conference Board’s index rose to 91.7 from 84.2, but its economist said Americans’ mood remains on a long downward trend, with prices still far above last year.
Markets
Anthropic Files for What Could Be the Largest Stock Offering Ever
The AI developer’s filing shows revenue up roughly fourteenfold in a year and an $80.7 billion loss for the first half, much of it from noncash accounting charges.
Trade
Trump Predicts a Quick End to the Canada Tariff Fight After Easing Some Duties
On a campaign stop in Michigan, the president said a deal would come soon, two days after lifting some 50 percent tariffs on Canadian farm and forestry goods. Ottawa says its position has not changed.
Markets
AI Stocks Stumble as Investors Weigh the Cost of the Data Center Boom
Even companies reporting solid growth saw their shares fall this week, as worries about debt, high interest rates and lofty prices outweighed the earnings news.
Energy Prices
Jet Fuel Hits a Record as Oil Nears a Five-Month High, Lifting Holiday Airfares
Renewed attacks around the Persian Gulf pushed crude above $110 a barrel, and travelers are already paying for it, with Thanksgiving fares reported up about 30 percent from last year.
Health Costs
Family Health Premiums Top $28,000 as Employers Shift More of the Bill
An annual survey of employers finds total premiums rose about 5 percent this year, but the share families pay out of their own paychecks jumped 9 percent.
Big Tech
Meta Hit With $25 Billion Penalty in New Mexico as It Reports Strong Sales
A state judge ordered the largest penalty ever imposed on the company over privacy deception. The same day, Meta reported 26 percent revenue growth, a multibillion-dollar legal charge and a plan for a new class of nonvoting shares.
Streaming
Netflix Shares Slide as Solid Profits Fail to Ease Worries About Viewing Growth
The streamer’s third-quarter revenue rose to about $12.9 billion and profit climbed sharply, but a lower advertising forecast and slowing engagement weighed on the stock.
Global Economy
China’s Economy Grows 4.5 Percent in the Third Quarter on Strong Exports
Growth picked up slightly from the spring and keeps Beijing within its annual target, but weak consumer spending and a shrinking property sector still weigh on the world’s second-largest economy.
Trade
Vietnam Signs Free Trade Deal With the European Free Trade Association
After about 14 years of talks, the agreement with the European Free Trade Association aims to cut tariffs and open services and investment, as Hanoi works to widen its export markets.
Energy
Diesel Above $6 a Gallon Weighs on Farms, Freight and Washington’s Russia Policy
The fuel that moves trucks, harvests crops and heats homes has eased slightly from a September record, and the White House cited peace talks and the national interest as it waived new penalties on Russian oil buyers.
Markets
Chip Stocks Lead a Tech Selloff as the Nasdaq Posts Its Worst Week Since June
Doubts about how long companies can keep borrowing to fund the artificial intelligence buildout, with bond yields near two-decade highs, pulled Wall Street lower on Friday.
Inflation
Wholesale Prices Rise 6.3 Percent From a Year Ago, the Fastest Pace Since 2022
The producer price index came in above forecasts for September, led by gasoline and diesel. Economists see it as a warning that more price increases may reach consumers, and as pressure on the Fed ahead of its meeting this month.
Inflation
Gas Prices Push Inflation to 3.7 Percent in the Last Report Before the Midterms
Consumer prices rose 0.6 percent in September alone, with gasoline accounting for more than half the increase. Core inflation also ticked up, raising the odds that the Federal Reserve raises rates again this month.
Earnings
Big Banks Post Higher Profits but Warn of Sticky Inflation and Rising Rates
Goldman Sachs, Citigroup and Wells Fargo beat forecasts as earnings season opened, while JPMorgan Chase fell short for the first time in nearly three years. Executives said consumers are still spending.
Nobel Prizes
Two Americans Win Economics Nobel for Showing How to Steady Economies in Shocks
Robert Hall of Stanford and Michael Woodford of Columbia built the household-level foundations behind the models central banks now use to fight inflation and recessions.
Prices
Halloween Candy Costs More This Year Even as Cocoa Prices Retreat
Government data show candy and gum prices up about 8% from a year ago, and chocolate makers’ earlier cocoa purchases mean the relief has not yet reached store shelves.
Prediction Markets
Kalshi Investigates Well-Timed Bets on Trump’s Press Secretary Pick
Three small wagers placed before Katie Zacharia’s selection became public stand to pay out nearly $10,000, renewing questions about insider trading on event-betting platforms.
Energy
Trump Announces Russian Diesel Deal and Sanctions Waiver as Prices Near Records
The president said Moscow would release millions of tons of diesel after a call with Vladimir Putin. Earlier steps to ease the squeeze, including emergency reserves and untaxed red-dyed fuel, have done little so far.
Deals
Starbucks Explored a Chipotle Takeover, Report Says, Lifting Chipotle Shares
A deal would reunite Starbucks chief executive Brian Niccol with the burrito chain he once ran. Analysts questioned the timing while his coffee turnaround is still under way.
Prices
New York Fed Study Finds Tariffs Added Nearly 3 Points to Goods Inflation
Economists at the regional Federal Reserve bank estimate that consumer goods prices would have fallen slightly over the past year without the 2025 tariffs, and that American-made goods rose too.
Developing
Paramount Closes $110 Billion Warner Bros. Deal, Creating Media Giant Skydance
David Ellison will control two century-old studios, HBO Max, CBS News and CNN, under settlement terms that require a minimum film output and a single board to oversee the independence of both newsrooms.
Energy and the Courts
Supreme Court Opens Term With Oil Companies’ Bid to End Boulder Climate Lawsuit
Suncor and ExxonMobil argue that federal law bars state courts from hearing claims over climate damage, a ruling that could reach dozens of similar cases.
Fuel Prices
Diesel Near $6.40 a Gallon Squeezes Farmers, Truckers and School Districts
Federal data show the fuel costing about $2.60 more than a year ago, as the Iran war, refinery outages and a shrinking reserve collide with harvest season.
Housing
Spain’s Parliament Rejects Tenant Protections as Rents Nearly Double in a Decade
Lawmakers voted down two government decrees on rental renewals and evictions, setting off protests in dozens of cities and new doubts about Prime Minister Pedro Sanchez’s minority government.
Energy
G7 Agrees to Release Up to 100 Million Barrels After Pressure From Washington
The coordinated drawdown is meant to ease a diesel crunch that has pushed prices up about 70 percent since February. Analysts say the relief at the pump may be modest.
Housing
Mortgage Rates Climb to Their Highest Level Since 2023 as Bond Selloff Deepens
The average 30-year fixed rate rose to 7.28 percent, Freddie Mac said, after Treasury yields posted their sharpest quarterly jump since 1994.
The Fed
Fed Watchdog Finds Mismanagement but No Crime in Headquarters Renovation
The inspector general faulted how the central bank ran its roughly $2.4 billion building project, but said it found no grounds for a criminal referral. President Trump again called on Jerome Powell to resign.
Economy
Consumer Confidence Falls to Its Lowest Level in More Than a Decade
The Conference Board’s index dropped 6.7 points in September as Americans cited fuel costs and higher prices, and more households rated their own finances bad than good.
Steel
Trump Unveils a $15 Billion Iowa Steel Plant Weeks Before the Midterms
Mesabi Metallics says the mill could open in 2030 and employ up to 1,750 people. The company behind it has a long record of delays in Minnesota.
