Newsletter Oct 20, 2023

Quick Six

Biden tries to rally Americans behind Israel, Ukraine support
US President Joe Biden delivered a rare Oval Office speech Thursday night urging Americans to back Israel and Ukraine at what he says is a perilous moment for democracy around the globe. Fresh from a trip to Israel after the Hamas attacks, Biden's primetime address made a case for a global US role to war-weary voters and isolationist Republicans. Biden is asking Congress for a massive $100 billion joint package that includes funding for Israel and for Ukraine's battle against Russia.
BIDEN MAKES US ROLE IN THE WORLD A CAMPAIGN ISSUE

Powell says 'Inflation is still too high,' hints at future hikes
More interest-rate increases may be needed as economic growth remains strong and inflation is still too high, Federal Reserve Chair Jerome Powell said Thursday in prepared remarks. Powell didn't give clear indications on the next monetary policy decision, which scheduled for Nov. 1. Inflation in the U.S. slowed in September, but at a rate that still exceeds the Fed's 2% target.
WHAT ARE THE ODDS THE FED WILL FAVOR MORE HIKES?

Rising prices, mortgage rates disrupt existing home sales
Sales of previously owned homes fell in September to the lowest level since 2010 as homebuyers were discouraged by high mortgage rates and rising prices. Sales fell 2% from August to a seasonally adjusted annual rate of 3.96 million, the NAR reported Thursday. Sales dropped 15% year-over-year, but the inventory of units for sale dropped 8.1% year-over-year to 1.13 million.
WHY MORTGAGE RATES ARE CHOKING OFF INVENTORY

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Markets

DJIA	33,414.17	-0.75%
S&P 500	4,278.00	-0.85%
Nasdaq Composite	13,186.18	-0.96%
Japan: Nikkei 225	31,320.38	-0.35%
UK: FTSE 100	7,499.53	-1.17%
Crude Oil Futures	90.35	1.10%
Gold Futures	1,991.30	0.55%
Yen	149.84	0.03%
Euro	1.06	-0.07%
* As of market close

US Navy intercepts missiles targeting Israel

A US Navy ship in the Red Sea on Thursday shot down missiles and drones that had been fired by Iran-backed Huthi rebels in Yemen, possibly at Israel, the Pentagon said. Three "land-attack cruise missiles and several drones" were intercepted by the USS Carney, which was patrolling in the Red Sea as part of a heavy military presence ordered by President Joe Biden to maintain stability in the wake of war between Israel and the Hamas militant group in the hotly contested Gaza Strip.

IS MILITARY'S INCREASED PRESENCE HELPING OR HURTING?

Jordan's third speaker vote an uphill battle

Hardline conservative Jim Jordan's possible third vote to become US House speaker saw more turmoil Thursday as he again failed to secure enough votes in a meeting. Jordan has already fallen short twice, as Republicans are dealing with a disastrous civil war engulfing the party. Lawmakers have shut down the lower chamber of Congress for more than two weeks, with international and domestic crises demanding action. Jordan, a Donald Trump loyalist, plans a third bid for the gavel.

HOUSE STUCK IN NEUTRAL AMID MULTIPLE POLITICAL CRISES

EU slaps Meta, TikTok with disinfo probes

The EU announced probes Thursday into Facebook owner Meta and TikTok, seeking more details on the measures they have taken to stop the spread of "illegal content and disinformation" after the Hamas attack on Israel. The European Commission said it had sent formal requests for information to Meta and TikTok respectively in what is a first procedure launched under the EU's new law on digital content.

SEE THE IMPACT OF THE EU'S NEW DIGITAL CONTENT ACT

Extra point

On this date in 1803, the US Senate ratified the Louisiana Purchase. How much land was sold, what was the price, and how much per acre?

Thursday's answer: The 2008 Beijing Olympics is the most watched TV sporting event of all time with 4.7 billion viewing all or part of the Games.

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