Prices rose 0.4% in October — hotter than the 0.3% expected, with core up 0.3% for a third straight month — hours after Fed Governor Waller floated a half-point hike; traders now price a December move as a near-certainty.
Inflation data comes in hotter than expected, even as energy inflation fades | US CPI October: Hot 0.4% print puts the Fed on course to hike
ELECTIONS & CONGRESS
HOUSE GOP PICKS ITS NEXT LEADER TODAY AS SCALISE AND JORDAN FACE OFF — Behind closed doors and by secret ballot, the conference chooses between continuity in Scalise and a harder line in Jordan; the winner leads a much smaller minority when the new Congress convenes January 3.
SENATE GOP VOTES TODAY TOO — THUNE UNOPPOSED, BUT SEVEN SENATORS WANT TO WAIT — Axios reports seven Republican senators are calling for the leadership vote to be delayed, with one promising to walk out rather than vote, though Thune is still expected to be reelected.
MISSISSIPPI’S DEADLINE DAY: MAIL BALLOTS DUE AS COLOM LEADS BY ABOUT 2,500; ALASKA COUNT RESUMES — Today is the last day for postmarked mail ballots to arrive in Mississippi, where Colom leads Hyde-Smith by roughly 2,500 with certification due Friday; in Alaska, Peltola leads Sullivan by 637 with a fresh count expected today and ranked-choice tabulation November 18.
JEFFRIES POISED TO BECOME THE FIRST BLACK SPEAKER AS DEMOCRATS PICK LEADERS NEXT WEEK — Democrats hold their leadership elections next week, with Jeffries expected to take the gavel and Katherine Clark expected to become the first woman majority leader.
SCALISE VS. JORDAN: RESULT EXPECTED LATER TODAY — The candidates made their pitches to the conference Tuesday morning, with the secret-ballot result expected later in the day; Trump has not taken sides.
BUSINESS & YOUR MONEY
GOLD FALLS 2%, BITCOIN SLIPS BELOW $74,000 AFTER HOT CPI — Bitcoin dropped to about $73,600, its lowest in months, and spot gold fell to around $4,054 an ounce as yields and the dollar jumped on the hotter inflation print.
DECEMBER HIKE NOW THE BASE CASE AS WALLER FLOATS HALF A POINT — Three straight 0.3% core readings annualize to roughly 3.6%, far above the Fed’s 2% target, and Waller said a 0.3% core print was the level he linked to a possible 50-basis-point move.
QUICK HITS
LIVE UPDATES: HOUSE AND SENATE GOP HOLD LEADERSHIP ELECTIONS
HOUSE REPUBLICANS PREPARE FOR LEADERSHIP VOTE AMID MIDTERM LOSSES
SCALISE AND JORDAN FACE OFF IN REPUBLICAN LEADERSHIP VOTE AFTER JOHNSON STEPS ASIDE
REPUBLICANS REELING FROM ELECTION CHOOSE CONGRESS LEADERSHIP
ALASKA AND MISSISSIPPI SENATE RACES: LATEST COUNT AND WHAT HAPPENS NEXT
FEDERAL GOVERNMENT
HEGSETH CALLS IMPEACHMENT PUSH “SABOTAGE” IN FIRST PENTAGON BRIEFING SINCE MAY — The defense secretary denounced Rep. Massie’s eight articles as a “political spectacle,” saying he is being attacked “not for losing conflicts with our enemies, but for winning them.”
TRUMP DELAYS NEW IRAN STRIKES, KEEPS HORMUZ BLOCKADE — After appeals from Qatar, Saudi Arabia and other Gulf states, the president will hold off on further strikes — but the naval blockade stays, and Rubio says a breakthrough is unlikely in the immediate future.
HOUSE TO TEST HEGSETH IMPEACHMENT LATER TODAY — Massie’s motion faces a test vote later Tuesday; whatever the outcome, Democrats are likely to resurrect proceedings against Hegseth when the new Congress is seated January 3.
MASSIE: “HE’S VIOLATED THE CONSTITUTION” — Massie says the case is not about job performance but about waging the Iran war without congressional approval, lethal strikes on alleged drug boats, and the operation that captured Venezuela’s Maduro.
HEGSETH PLEADS FOR $1.5 TRILLION PENTAGON BUDGET — Amid the impeachment fight, Hegseth used his first briefing in six months to press Congress for the Pentagon’s record budget request, which lawmakers have signaled won’t pass even under Republican control.
BUSINESS & YOUR MONEY
CONGRESS SUMMONS NVIDIA’S HUANG OVER “SPY INTERACTIONS” — Three House committee chairmen want the Nvidia chief for a confidential briefing on security protocols “against foreign adversary espionage” after reports he had an affair with a Chinese businesswoman U.S. intelligence determined to be a spy.
NVIDIA SHARES SLIDE 4% AS HUANG FACES ESPIONAGE CLAIMS — The stock fell 4.27% Monday to a seven-month low, wiping nearly $190 billion off Nvidia’s value; Trump confirmed the FBI is examining the allegations and said he believes Huang had “no idea” the woman was a spy.
STOCKS SLIDE AS TRADERS PRICE A NEAR-CERTAIN DECEMBER HIKE — The Dow fell 122 points, the S&P 500 about 0.52% and the Nasdaq nearly 0.8%, with traders pricing an almost 99% probability of a December hike, per CME FedWatch.
10-YEAR YIELD NEARS 5% AS BOND SELLOFF DEEPENS — The 2-year yield shot up 19 basis points to 4.75%, on track for its biggest one-day rise in two years, while the 10-year pushed 12 basis points higher to 4.99%.
QUICK HITS
TRUMP: IRAN WAR COULD END “FAIRLY SOON,” NEW STRIKES UNLIKELY
RUBIO: NO IRAN BREAKTHROUGH IMMINENT AS TEHRAN CALLS TALKS IMAGINARY
NVIDIA BOARD OPENS INDEPENDENT PROBE OF HUANG
REPORT: $7.5 BILLION IN NVIDIA CHIPS SMUGGLED TO CHINA
FBI DECLINES COMMENT ON HUANG PROBE AS BEIJING CALLS CLAIMS “GROUNDLESS”
GEOPOLITICS
UKRAINE TALKS OPEN IN ABU DHABI — FIRST IN NINE MONTHS — Kushner told delegates the gaps have been “really identified and narrowed,” but Moscow still insists Kyiv surrender the entire Donbas and Zelensky refuses to hand over land his forces died defending.
PARAGUAY PROBE WIDENS: BROKERAGE RAIDED, NEW BANK CHIEF CONFIRMED — Prosecutors raided Ueno’s brokerage arm and found ripped-up documents, while Congress confirmed Jorge Schreiner as central bank chief; work resumes today to open the second door of the safe found at Ueno headquarters — and the vault at Peña’s mansion is still shut.
POPE LEO DRAWS 650,000 IN CÓRDOBA — The pope’s second Mass in Argentina filled the Military Aviation School grounds, where he held up the country’s saints — Brochero, Mama Antula and a dozen more — and told the crowd to “go out and become saints”; a youth vigil in Palermo follows tonight.
ISRAEL’S PARLIAMENT SWORN IN AS EISENKOT TRIES TO FORGE A GOVERNMENT — The Knesset took its oaths with no new government after the deadlocked October 27 vote; Eisenkot, tasked Sunday with forming a coalition, holds just 48 seats and has until December 6, with Netanyahu staying on as caretaker.
UKRAINE TALKS FACE AN UPHILL BATTLE AS WINTER APPROACHES — The Donbas, security guarantees and Europe’s role top the obstacles in Abu Dhabi, with Trump pushing a “big, beautiful agreement” that could go beyond Ukraine — and the lame-duck window closing January 3.
BUSINESS & YOUR MONEY
ANTHROPIC PRICES ITS IPO AT UP TO $1 TRILLION — The Claude maker set a $70–$78 range to raise up to $64.4 billion, well short of the $2 trillion once talked about, with Google and Nvidia each buying $10 billion on the side and nearly $900 billion in computing commitments hanging over it.
CHIP STOCKS POWER THE REBOUND AS KOSPI SNAPS ITS SLIDE — The Philadelphia chip index jumped 6.86% overnight — AMD up 13.26%, Broadcom 8.78% — carrying Seoul’s KOSPI 4.39% higher to 5,239.13 and ending a three-day rout.
KOSPI SURGES 4.39% AS FOREIGN BUYERS RETURN AFTER SEVEN SESSIONS OF SELLING — Foreign investors bought 407 billion won of shares as Samsung rose 4.9% and SK hynix 6.95%; the index briefly topped 5,300, triggering a buy-side trading curb.
QUICK HITS
KUSHNER: PUTIN OPEN TO PEACE “UNDER THE RIGHT CONDITIONS”
POPE PRESSES ARGENTINA ON DISABILITY FUNDING AFTER 2.5 MILLION MASS
ALLIANA ORDERS ALL MINISTERS TO RESIGN AS UENO PAYOUTS REACH $160M
PARAGUAY TEACHERS STRIKE OVER PENSION MONEY TRAPPED IN UENO
KOSPI: AIRLINES SOAR AS OIL FALLS — KOREAN AIR UP 11.5%
EISENKOT HAS 28 DAYS TO BUILD A GOVERNMENT THAT DOES NOT YET EXIST
SPORTS
BILLS GRIND DOWN VIKINGS 23–6 ON MONDAY NIGHT — Buffalo held Minnesota without a touchdown, forced three turnovers and held the ball for 42:32; Carson Wentz went 8-of-25 for 81 yards with two picks and finished the night on the bench.
NOTRE DAME KNOCKS OFF NO. 1 MIAMI 31–24 — The Irish jumped out 24–3 behind three CJ Carr touchdown passes and held off a late Hurricanes rally, leaving just Utah and UCLA unbeaten.
OREGON STUNS OHIO STATE 41–28 — UPSET OF THE WEEK — Unranked Oregon, a 7.5-point underdog, scored 38 unanswered points in Columbus; Week 10 produced 18 upsets, tied for the most of any week this season.
GIANTS END 13-GAME LOSING STREAK IN PHILLY — Jameis Winston came off the bench to throw the go-ahead touchdown in a 19–11 win over the Eagles, the Giants’ first in Philadelphia in 13 tries.
WINNERS AND LOSERS FROM COLLEGE FOOTBALL’S WILD WEEK 10 — Georgia dismantled Ole Miss 42–7, Tennessee crushed Kentucky 34–6, and Utah outlasted BYU 28–20 in a Holy War with both teams in the top 10 for the first time.
TRAVEL
KYOTO IN NOVEMBER: MAPLES, YOKAI AND PLUM WINE — The summer crowds have thinned and the city bursts red and gold; the Yokai Festival’s Night Parade of One Hundred Demons runs through November 29 and the Umeshu Festa pours 100 kinds of plum wine November 21–24.
GOA HERITAGE FESTIVAL RETURNS WITH 47 WALKS — The third edition runs November 14 to December 6, with local researchers as “Pilots” leading walks through river islands, khazans, beaches and hill trails — plus petroglyphs, Kaavi art and a full-moon walk through Panaji.
BERGEN FESTIVAL OF LIGHTS LIGHTS UP NORWAY NOV. 14 — The free celebration brings music, Christmas tree lighting and fireworks over Lille Lungegårdsvann, kicking off Bergen’s winter season for locals and visitors alike.
ASSAM’S FOLKTEA FESTIVAL: TEA, FOLK AND HILLS — India’s only open-air folk festival set in tea gardens returns November 28–29 at Hatipoti Tea Estate, with folk ensembles, local games and performances against a backdrop of tea country.
FOOD
THE THREE SISTERS: CORN, BEANS AND SQUASH FOR NATIVE AMERICAN HERITAGE MONTH — Colorado’s recipe of the month celebrates the companion-planting trio with a Ute Mountain Ute cornmeal polenta, garlic-herb black-eyed peas and caramelized butternut squash.
COWBOY BEEF STEW: A TASTE OF THE FRONTIER — Born on the 19th-century cattle trails, when the chuck wagon’s “Cookie” turned tough beef and root vegetables into a meal that sustained the drovers — still a beloved cold-weather staple.
GRANDMA’S SOUP, WORTH GETTING GIDDY OVER — A vegetable-beef soup learned from Grandma Onie — ground beef only, tomato pulp and cabbage, never drained — that the family ate at least once a week all winter long.
COWBOY CHICKEN & RICE CASSEROLE FOR A COLD NOVEMBER NIGHT — An old-fashioned church-supper casserole — chicken, rice and cream soups, baked until bubbly — built for feeding a family on a cool evening.
CHEESESTEAK QUESADILLAS FROM THE FLAT IRON — A rancher’s beautifully marbled flat iron steak, seared quick and folded into quesadillas with peppers and cheese — the kind of find that makes a harvest fair worth the trip.
Leave a Reply