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WASHINGTON — New York Rep. Hakeem Jeffries, the fourth-ranking House Democrat, said Friday that he will run to replace House Speaker Nancy Pelosi as the party's leader after Republicans took back control of the chamber in last week’s midterm elections. The ascension of the 52-year-old Jeffries to minority leader would also represent generational change. Clark, 59, announced a bid for Democratic Whip, while Aguilar, 43, is running for Democratic Caucus Chair. Congressional Black Caucus Chair Joyce Beatty, D-Ohio, said Thursday she was confident that the powerful bloc of more than 50 Black lawmakers would line up behind Jeffries. “I’m very comfortable saying I believe that every member of the Congressional Black Caucus would vote for Hakeem Jeffries,” Beatty told reporters Thursday.

And for financial markets it begs the question as to whether the extent of the monetary or fiscal tightening currently assumed will ever actually happen. The OBR reckons UK consumer price inflation has now peaked and will back off to a full-year rate of 7.4% next year. But assuming standing market forecasts for energy prices and BoE rates, it then sees inflation fall below zero for eight quarters from the middle of 2024. The BoE also expects headline inflation to plummet into 2024 - and its 'fan chart' of the range of possible outcomes also has an outside chance of deflation then too. Delaying spending cuts until after an election won't help much in that regard if indeed they're seen necessary at all.

☆ A Plan to Save America’s Finances
▼ + stars: | 2022-11-17 | by ( Paul Ryan | ) www.wsj.com time to read: +1 min

Americans voted for divided government last week. Democrats retained control of the Senate, and Republicans look set to gain control of the House by the slimmest of margins. What we don’t see in our national politics is a serious discussion about the political and economic challenges the country faces. Totalitarianism, once thought to be consigned to history after the West’s victory in the Cold War, is back, competing for dominance in the digitized world. Before Western democracies can face down external threats, they have to muster the will to tackle their major internal challenges.

☆ Stocks fall as fears of more big Fed rate hikes resurface
▼ + stars: | 2022-11-17 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

The Dow was off about 30 points, or 0.1%, in midday trading following comments from St. Louis Fed President James Bullard about the possibility of much bigger interest rate hikes. Jefferson didn’t comment specifically about how much higher he thinks rates need to go though in order to get inflation in check. In addition, Bullard has a vote on rate hikes at the Fed’s next meeting in December, but he does not have a say on interest rates in 2023. The seven Fed governors and the New York Fed president are always on the FOMC. The St. Louis Fed president doesn’t get a vote again until 2025.

☆ China's consumers still wary. Alibaba's sales miss forecasts
▼ + stars: | 2022-11-17 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

E-commerce giant Alibaba reported third quarter sales Thursday that rose just 3% from a year ago, slightly missing analysts’ forecasts. Alibaba has been hit hard this year due to a slowdown in China’s economy. That appeared to soothe hard hit Alibaba investors somewhat. Shares of Alibaba (BABA) rose more than 6% in mid-morning trading but they have still plunged about 30% in 2022. Chinese consumers apparently didn’t splurge too heavily during last week’s Singles Day shopping extravaganza either.

Nancy Pelosi announced Thursday she will not be seeking re-election as House Democratic leader. Dozens of politicians, Republican and Democratic alike, expressed their gratitude for Pelosi's leadership. President Joe Biden greets Speaker of the House Nancy Pelosi, and Democratic Caucus Chair Hakeem Jeffries, before Biden addressed the House Democratic Caucus Issues Conference in Philadelphia earlier this year. "Nancy Pelosi's historic ascension to become the first woman Speaker of the House will forever inspire our nation on the power of possibility," he said. "Look I've been on both sides of Nancy Pelosi, it's much more pleasant when you're on the good side of her.

☆ Greed is back with a vengeance on Wall Street
▼ + stars: | 2022-11-16 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Wall Street is now, dare we say, almost giddy. The Dow has surged 17% since the end of September, following the best month for the closely watched market barometer since 1976. The CNN Business Fear & Greed Index, which looks at seven indicators of market sentiment, is even showing signs of Greed and is not far from Extreme Greed levels. Clearly, investors are banking on smaller rate hikes. George Young, a portfolio manager with Villere & Co. said he’s bullish right now on smaller companies, since they aren’t as widely held as the mega cap blue chip market leaders.

☆ Home Depot customers are spending more, but that’s mainly due to inflation
▼ + stars: | 2022-11-15 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Now for the bad news: Home Depot lost customers again. The DIY leader said in its third quarter earnings report that the number of customer transactions fell more than 4% from a year ago. Home Depot noted that the average customer ticket was nearly $90, up about 9% from a year ago. “Home Depot is not immune to a tightening economy,” Neil Saunders, managing director of GlobalData, said in a report. “Moving into 2023, the picture becomes more complicated and much depends on the trajectory of the economy,” Saunders said.

☆ Inflation is cooling, and Wall Street loves it
▼ + stars: | 2022-11-15 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Investors are hoping that the cooling inflation pressures will lead the Federal Reserve to raise interest rates by smaller amounts in the next few months, following four consecutive historically large hikes. But it’s the good news on the inflation front that is giving investors the biggest cause for jubilation. Those comments soothed investors, who were spooked by remarks from another Fed official about inflation and interest rates. The Fed is clearly still more concerned about inflation than it is the possibility its aggressive rate hikes will slow the economy. That means the market should get used to the notion that interest rates are going to keep climbing and may stay elevated for some time.

☆ Kevin McCarthy faces high-wire act as Republicans close in on U.S. House majority
▼ + stars: | 2022-11-15 | by ( David Morgan | ) www.reuters.com time to read: +6 min

As speaker, McCarthy would be well placed to frustrate Democratic President Joe Biden's legislative ambitions. In Republican House leadership elections on Tuesday, McCarthy is expected to overcome a challenge from hard-line conservative Representative Andy Biggs. Republicans fell short of the "red wave" that some had predicted for a comfortable House majority and control of the Senate. The last two Republican House speakers, John Boehner and Paul Ryan, came under varying degrees of pressure from the right flank of the Republican caucus. The Congressional Leadership Fund, a group tied to him, contributed more than $160 million to help Republican House candidates.

☆ Tech stocks have been crushed. What’s next for the FAANGs?
▼ + stars: | 2022-11-14 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN Business —The great bull run for tech stocks may finally be over. The tech sector has been a market leader for years, but there are growing concerns about the future. Todd Sohn, director and technical strategist at Strategas, noted in a report late last week that when tech stocks imploded in 2000 as the dot-com bubble burst, it wasn’t until after the 2008 financial crisis before tech resumed a role as a market leader. But cybersecurity stocks such as Palo Alto Networks (PANW), as well as semiconductors, are more reasonable. In other words, tech investors should be looking tor more boring parts of the sector, not assets like crypto that are more about hype than substance.

☆ All eyes on the consumer ahead of Black Friday and the holidays
▼ + stars: | 2022-11-13 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

Beyond a slew of retail earnings reports, the government will report retail sales figures for October on Wednesday. But the most recent Consumer Price Index figures for October provided some relief for shoppers…and Wall Street. Consumer spending rose 1.4% during the third quarter, according to the government’s most recent gross domestic product (GDP) report. A report on housing starts and building permits data for October will come out towards the end of this week. When Home Depot reported its most recent earnings in August, it noted that customers didn’t make as many purchases as they did a year ago.

☆ Alpine and McLaren agree a settlement on Piastri
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Nov 12 (Reuters) - Australian Oscar Piastri will drive for McLaren in Formula One's Abu Dhabi post-season test after the team reached an agreement with Renault-owned Alpine to release him, both sides said on Saturday. French driver Pierre Gasly will also be freed by Red Bull-owned AlphaTauri to test with Alpine, the team he is joining for 2023. McLaren announced in September that 21-year-old Piastri, Alpine's reserve this year, had signed for 2023 as a replacement for compatriot Daniel Ricciardo after winning a contract dispute. He said Piastri would start working officially with McLaren on Nov. 21 and test the current car at Yas Marina. Seidl said getting Piastri in the car for the Abu Dhabi test was important.

☆ GOP Insider readers: Dump Trump!
▼ + stars: | 2022-11-11 | by ( Kayla Gallagher | ) www.businessinsider.com time to read: +26 min

Insider asked its Republican readers to send in their thoughts on Donald Trump following the GOP's dismal midterm performance. Subscribers to Insider's newsletter were asked two questions: Do you agree with the GOP insiders who blame Trump? Andrew Lichtenstein/Corbis via Getty Image— Joe S.I don't blame Trump per se. Olivier Douliery/AFP via Getty Images— Julia T.I think Trump, DeSantis AND the GOP are EXTREMELY dangerous for our Democracy. The Republican Party needs to get away from the extremists in the party or the Republican Party will no longer exist.

☆ Premarket stocks: Wall Street picks hope over reality after inflation report
▼ + stars: | 2022-11-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN Business —Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. Crypto-advocates were hoping that rising interest and inflation rates would drive investors away from the dollar and into alternative assets like gold and Bitcoin. Then, central banks started raising rates to fight inflation, and the dollar strengthened significantly, seducing investors as the ultimate safe haven. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s regime of interest rate hikes.

Trump in turn has blasted back, accusing the media without evidence of favoring DeSantis in a conspiracy to deny him the nomination. There is also an effort underway to get Trump to focus less on past grievances. In a Friday post on his Truth Social network, Trump called Youngkin "Young Kin" and said, "sounds Chinese, doesn’t it?" The day earlier, Trump posted a long harangue about DeSantis that again called him Ron "DeSanctimonious" and said he owes his political fortunes to Trump. Two Florida Republicans close to DeSantis predicted the governor would be wary of responding directly, keeping his focus on the state's recovery from Hurricane Ian and policy issues.

New York CNN —Stocks soared Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. Meanwhile, the 10-year Treasury yield tumbled below the threshold of 4%, to about 3.85%, its lowest level since mid-October. And the 10-year itself is influenced by short-term interest rates set by the Fed. Wall Street is hoping that the data will help convince the Fed to pull back on the size and pace of its interest rate increases, which investors worry could send the economy into a recession.

☆ Crypto crash and gold sell-off show there’s no place for investors to hide
▼ + stars: | 2022-11-10 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

Bitcoin prices are currently hovering around $16,500, down from a level of $20,000 just a week ago. Gold, like bitcoin, then surged in the latter part of 2020 as a sort of safe haven trade. Why buy gold or digital assets when the greenback is proving to be the king of currencies? Bitcoin prices have been notoriously volatile over the past few years, but they have still done better than many major stock market indexes. One venture capitalist who focuses on bitcoin and crypto assets agreed that FTX’s problems won’t derail the entire digital assets universe.

☆ Energy security trumps the climate? London’s biggest IPO of the year is an oil company
▼ + stars: | 2022-11-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world leaders gathered for the UN climate summit in Egypt. The best performing stock so far this year on London’s FTSE 250 index is Energean, which focuses on gas projects in the North Sea and Mediterranean. The North Sea is an aging basin, and oil and gas giants like Chevron (CVX), Exxon (XOM) and Shell (RDSA) have been winding down their presence. Piper said an oil and gas company is one of few that could get away with a listing on the market right now. “That’s going to impact the value of all North Sea oil producers,” Piper said.

Democrats bucked dire forecasts in national races, clinched governors' races in states seen as crucial to the next election in 2024, and passed left-leaning measures like codifying abortion rights in Michigan. "Amazing," said one stunned Biden aide as results results trickled in at the White House overnight. Donald Trump saw Republicans lose 40 House seats in his first midterms, and Barack Obama more than 60. Aides and allies believe his efforts to cast the election in terms of abortion rights, right-wing political extremism and healthcare staved off a Republican "wave." While Republicans cited high inflation and crime as top voting issues, Democrats said they were more motivated by abortion rights and gun violence, exit polls show.

☆ Stocks slip as control of Congress remains unclear
▼ + stars: | 2022-11-09 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Stocks dipped, with the Dow sliding nearly 300 points, or 0.9%, in late morning trading. One stock in particular that had been surging in anticipation of a sweeping victory for the GOP got hit hard Wednesday. The market rallied sharply during the past three days following a historic surge for stocks in October. Still, as the midterm dust settles, investors may now shift their attention back to inflation and the economy. “Markets have performed remarkably similar during periods of a Republican or Democratic controlled Congress.”

☆ Chris Evans named 'Sexiest Man Alive' by People magazine
▼ + stars: | 2022-11-08 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

LOS ANGELES — Chris Evans may have put down Captain America’s shield but he’s got a new badge of honor: he’s been named People magazine’s Sexiest Man Alive. Evans, who for nearly a decade played Captain America in Marvel’s sprawling superhero films, takes the baton from another Avenger, Paul Rudd. “It’s ripe for harassment.”Among those likely to heckle him are co-stars and previous Sexiest Man Alive winners like Rudd, Ryan Reynolds and Chris Hemsworth. Evans’ first film role came in 2000′s “The New Comers” and he played superhero Johnny Storm in two “Fantastic Four” films released in 2005 and 2007. “It’s something that as I become old and saggy I can look back on and say ‘I remember then…’” Evans said.

☆ Premarket stocks: What midterm elections could mean for the US economy
▼ + stars: | 2022-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN Business —Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. Biden’s stock market record is the second worst since Jimmy CarterThe stock market under President Biden started with a boom, but as we head into midterm elections, markets are going bust, reports my colleague Matt Egan. By contrast, Biden’s two immediate predecessors headed into their first midterm election with stock markets surging.

☆ Chris Evans has been named People magazine’s ‘Sexiest Man Alive’
▼ + stars: | 2022-11-08 | by ( Sandra Gonzalez | ) edition.cnn.com time to read: +1 min

CNN —People magazine has crowned actor Chris Evans this year’s Sexiest Man Alive. The former “Captain America” star, who couldn’t appear on the show, was instead congratulated by Johnson on the set of their movie, “Red One.”“It means a lot coming from a former Sexiest Man Alive,” Evans tells Johnson in the video. Johnson, a 2016 Sexiest Man cover star, however, goes on to correct him: “I never give the title up….I’m Sexiest Man Alive in perpetuity, which means for life.”Evans, confused, tries to get clarification, but Johnson stops him. We’re sharing it!”Evans agrees and the two sexiest men alive live, apparently, happily ever after. But not before Johnson prompts his co-star to say something “sexy” into the camera and Evans obliges.

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