Newsletter Nov 18, 2022

3 things you must know

Stocks slip amid news the Fed plans to continue rate hikes
U.S. stocks fell for a second consecutive day after a Federal Reserve official signaled more interest rate hikes are likely to get inflation under control. In separate appearances, two Federal Reserve presidents indicated Thursday that more rate hikes were on the way. The Federal Reserve has increased interest rates an unprecedented seven times this year. More increases in 2023 are likely, even if that means pushing the economy into recession.
WHICH TECH STOCKS SUFFERED THE BIGGEST LOSSES?

Mortgage rates experience steepest decline in four decades
Mortgage rates plunged last week in their biggest drop in four decades amid signs that inflation is cooling. A 30-year fixed-rate mortgage averaged 6.61% for the latest week, down from 7.08% the week before. It's the largest weekly decline since 1981, however, the average rate is still double from a year ago (3.10%).
WHY MORTGAGE RATES ARE FALLING AMID FED'S HIKES

Food inflation sends cost of holiday feast to record heights
Let the sticker shock begin: The upcoming Thanksgiving holiday, a time when families and friends typically celebrate with a stuffed turkey and all the trimmings, is going to cost roughly 20% more than last year, according to an annual survey of grocery prices. This year's jump is the largest since the first cost survey in 1986.
HOW MUCH WILL YOUR HOLIDAY FEAST SET YOU BACK?

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Markets

DJIA	33,546.32	-0.02%
S&P 500	3,946.56	-0.31%
Nasdaq Composite	11,144.96	-0.35%
Japan: Nikkei 225	27,930.57	-0.35%
UK: FTSE 100	7,346.54	-0.06%
Crude Oil Futures	82.12	0.59%
Gold Futures	1,762.40	-0.03%
Yen	140.45	0.17%
Euro	1.04	-0.06%
* As of market close

Pelosi hands over role as House's top Dem

House Speaker Nancy Pelosi announced Thursday she will not seek reelection to be the chamber's leader of the Democratic Party, opening a position that has remained firmly occupied throughout her two-decade tenure. Pelosi, 82, became the first woman to serve as House Speaker in 2006. Following a midterm election that saw Democrats lose control of the House, Pelosi cited the need for fresh blood within the party as the driving factor leading to her decision to retire in 2024.

WHO ARE THE LEADING CANDIDATES TO REPLACE PELOSI?

SpaceX workers fired for criticism of Musk

SpaceX workers have filed an unfair labor practices charge with the National Labor Relations Board, saying they were illegally fired for criticizing Elon Musk's Twitter behavior. Eight employees wrote an open letter in June calling on SpaceX to condemn Musk's "harmful twitter behavior." Musk had tweeted a denial to a news report about a sexual harassment allegation against him in which SpaceX paid $250,000 in severance to the attendant. Employees who criticized him were fired.

Ticketmaster cancels sale of Swift tickets

After days of glitches and long waits frustrated fans trying to buy Taylor Swift tickets during presale windows, Ticketmaster canceled today's slated public sale. It was not immediately clear whether that sale would be rescheduled, or how many unsold tickets remained. Ticketmaster has come under fire from Swift's legion of fans, who have run into issues attempting to buy tickets and exorbitant paid prices and fees.

FIND OUT WHEN TAYLOR SWIFT TOUR TICKETS WILL BE SOLD

Long-range speaker

Who had the longest uninterrupted tenure as House Speaker? How long?

Thursday's answer: Taylor Swift's latest album "Midnights" propelled her to becoming the first artist to hold all 10 spots on Billboard's Top 10.

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