Newsletter Sep 20, 2022

3 things you must know

Fed opens policy meeting with steep rate hike on the table
U.S. central bankers opened their two-day policy meeting on Tuesday with another steep interest rate hike a near certainty amid stubbornly high inflation. Americans have felt the squeeze of soaring prices, which have risen at the fastest pace since the early 1980s, and Fed Chair Jerome Powell has made it clear that officials will continue to act aggressively to cool the economy. Many economists expect a third straight three-quarter point rate hike when the meeting concludes today, an unprecedented action.
SEE THE INDICATIONS COMING FROM THE FED MEETING

Investment banks facing major revenue shakeup next year
Investment banks are likely to see a shakeup in revenues next year, with a rebound in banking and advisory fees expected to soften a hit from a fall in trading income, Barclays' CEO said Tuesday. A trading surge has helped investment banks report robust results this year and helped to offset a dire year for fees on company flotations and M&A deals amid global market turbulence, but that could change by the second half of next year.
WHY BARCLAYS' CEO SEES TROUBLE AHEAD FOR BANKS

US homebuilding rises to highest level since the mid-1980s
U.S. homebuilding unexpectedly increased in August as rising rents boosted the construction of multi-family housing to the highest level in more than 36 years, but soaring mortgage rates and high prices are undercutting the overall housing market. The report from the Commerce Department on Tuesday showed permits for future homebuilding plunged to levels last seen during the first wave of the COVID-19 pandemic in the spring of 2020.
WHAT ISSUES ARE HURTING THE HOMEBUILDING SECTOR?

Markets

DJIA	30,582.02	-1.41%
S&P 500	3,845.65	-1.39%
Nasdaq Composite	11,405.03	-1.13%
Japan: Nikkei 225	27,688.42	0.44%
UK: FTSE 100	7,192.66	-0.61%
Crude Oil Futures	84.19	-1.80%
Gold Futures	1,673.10	-0.30%
Yen	143.67	0.33%
Euro	1.00	-0.55%
* As of market close

Republicans seek to 'ICE' control of House

Republicans are hoping to "ICE" control of the House with a simple three-pronged message -- Immigration, Crime and Energy. GOP candidates will unveil plans this week to support the U.S. energy industry, fight crime and combat illegal immigration as they seek to gain the upper hand in the Nov. 8 midterm elections. The Republicans bill their "Commitment to America" agenda as a prescription for economic and social ills they say President Joe Biden's Democrats have caused.

SEE THE GOP'S PLATFORM IN THE 'COMMITMENT TO AMERICA'

Fauci not onboard with Biden's COVID claim

While President Joe Biden declared the "pandemic is over" in the U.S., the nation's leading infectious disease expert has other thoughts about the state of the country's COVID situation. Dr. Anthony Fauci thinks the U.S. is not yet near where it needs to be nearly three years since the pandemic started. Fauci said "we have only 67% of our population vaccinated and only one-half of those have received a single boost," adding that the U.S. still has more than 400 daily COVID deaths.

FIND OUT WHAT FAUCI IS SAYING ABOUT COVID-19 THIS FALL

'Amazing Race' returns; does it pay to play?

Imagine racing around the globe in hopes of winning the $1 million prize, finishing in second place and getting diddly squat. Although the CBS hit reality show "Amazing Race" bills the contest that way, it's not the case as contestants are paid on a sliding scale for how far they go in the competition. It's a good problem to have -- sightseeing for dollars -- and one of the reasons "Amazing Race 34" launches its new season tonight as one of the most anticipated shows on the new fall schedule.

FIND OUT HOW MUCH 'AMAZING RACE' CONTESTANTS GET PAID

Working vacation

What two-person team was the first to win the "Amazing Race" in 2001?

Tuesday's answer: Turkey by far consumes the most tea per capita (nearly 7 pounds annually), followed by Ireland and the U.K..