Newsletter Oct 19, 2022

3 things you must know

Fed likely to call for another 0.75% rate hike in November
The Federal Reserve could raise interest rates by three-quarters of a point in November in a move to quell inflation, which would be the fifth time the Fed has raised rates this year. The potential rise could eventually bring the rate above 4% by early 2023, but the Fed had previously set a tentative peak rate of 4.6% for next year. However, with the latest inflation data and the economy still in a state of shock, that target may need to be readjusted. Recent inflation data showed a bleak picture for both consumers and the larger economy as the PPI and CPI rose 0.4% in September.
WHAT ANALYSTS ARE PREDICTING FOR FED'S NEXT MOVE

Microsoft announces layoffs following bad earnings report
Microsoft announced layoffs Tuesday for nearly 1,000 workers after its earnings dipped. The company said in July that it planned to cut a number of roles, representing less than 1% of its 200,000-plus employees. Microsoft The has not explicitly stated how the company would be impacted with the latest downsizing push. The move follows similar steps taken at other tech firms, including Uber, Google and Meta, which are projected to cut costs by 10%.
SEE HOW MICROSOFT'S STOCK RESPONDED TO THE CUTS

Netflix stock pops following increase in subscriber numbers
Netflix on Tuesday reported that it gained more than 2 million subscribers in the recent quarter, calming investor fears that the streaming giant was losing paying customers. Netflix said it ended the quarter with more than 223 million subscribers worldwide, up some 2.4 million, after seeing subscriber ranks ebb during the first half of the year. Netflix reported a profit of $1.4 billion on revenue of $7.9 billion in the recent quarter, sending its stock price soaring.
SEE HOW MUCH NETFLIX'S STOCK ROSE ON THE NEWS

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Markets

DJIA	30,523.80	1.12%
S&P 500	3,719.98	1.14%
Nasdaq Composite	10,772.40	0.90%
Japan: Nikkei 225	27,156.14	1.42%
UK: FTSE 100	6,936.74	0.24%
Crude Oil Futures	83.64	0.99%
Gold Futures	1,658.10	0.14%
Yen	149.17	-0.04%
Euro	0.99	0.06%
* As of market close

Biden targets voters on abortion, debt relief

President Joe Biden is appealing to voters before the Nov. 8 midterm elections with a pair of popular pitches on Tuesday. Biden unveiled the federal student loan forgiveness application, which will allow millions of Americans to receive up to $20,000 in debt relief. Biden formally launched the program, which had been beta-tested over the weekend, with over 8 million borrowers already submitting applications. Biden also promised voters that he'll push legislation codifying abortion rights protections if Democrats can retain control of the House and Senate.

WHY BIDEN'S APPROVAL NUMBERS ARE UP BEFORE MIDTERMS

Radioactive waste found at Missouri school

High levels of radioactive waste were found in the gym, kitchen, kindergarten playground soil, and other areas of a suburban St. Louis elementary school. A report found "unacceptable" levels of radioactive isotope lead-210, polonium, radium, and other dangerous chemicals at Jana Elementary School, located near Coldwater Creek, which was used to illegally dump radioactive waste during World War II. The Army has been attempting to clean the contaminated waterway for decades.

WHAT THE SCHOOL IS DOING TO PROTECT CHILDREN, STAFF

Salem haunted by Halloween tourism flood

Salem, Mass., is famous for its wicked wonders, from the Salem Witch Trials to the location of the Halloween movie Hocus Pocus, the town of just over 43,000 is reaching its limit of supernatural-seeking visitors. Salem officials reported that 276,000 people visited the town over the first nine days of October, compared to 164,000 over the same period in 2021, leaving city parking overflowing and long lines on town square.

WATCH VIDEOS OF SALEM'S HALLOWEEN TOURISM INVASION

Hung jury

How many "witches" in the Salem Witch Trials were burned at the stake?

Tuesday's answer: Ye's given full name, Kanye ("the only one") Omari ("God the highest") West, literally translates to "the only God in the West."

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