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NEW YORK (AP) — Americans stepped up their spending even more than expected in December, closing out the holiday season and the year on an upbeat tone. Retail sales rose 0.6% in December compared with November's 0.3% increase, according to the Commerce Department. Sales at stores selling general merchandise rose 1.3%, while sellers of clothing and accessories saw business up 1.5%. While consumers continue to face higher borrowing costs, tighter credit conditions and higher prices, spending is being fueled by a strong job market and rising wages. Higher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its 2% target will likely remain a bumpy one.

Persons: Paul Wiseman Organizations: Commerce Department, Federal Locations: Washington

☆ Divide between political elites and the working class is a major risk, Allianz CEO says
▼ + stars: | 2024-01-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Oliver Bäte, chief executive of German insurance group Allianz. Nurphoto | Nurphoto | Getty ImagesA growing detachment between political leaders and populations presents the biggest risk in a busy election year, according to Allianz CEO Oliver Bäte. The Allianz Risk Barometer published this month noted that political risk was already at a five-year high in 2023, with some 100 countries considered at high or extreme risk of civil unrest. This is expected to deepen in 2024, amid continued economic hardship, particularly in "debt-crisis countries." "We have an increasing detachment of the political elite from the working class and the people that actually go to work every day, and that, I see as the number one risk for our societies," Bäte said.

Persons: Oliver Bäte, you've, Emmanuel Macron's, Nahel, Viktor Orbán, Bäte Organizations: Allianz, Nurphoto, Economic, Sweden Democrats Locations: Ukraine, Davos, Switzerland, Netherlands, France, Slovakia, Italy, Hungary, Sweden

Newly elected Lai Ching-te and his vice presidential running mate, Hsiao Bi-khim, in Taipei on Saturday. Photo: Daniel Ceng/ShutterstockTaiwan’s election of the presidential candidate China most distrusts puts at risk a fragile detente between Washington and Beijing, threatening another flare-up between the world’s biggest economic and military powers. Voters on Saturday gave the Democratic Progressive Party four more years in power, this time by choosing as president-elect the current vice president, Lai Ching-te , whom China condemns as an inveterate agitator for Taiwan’s independence—an outcome that Beijing has vowed to prevent, by force if necessary.

Persons: Lai Ching, Hsiao, Daniel Ceng, Shutterstock Organizations: Saturday, Democratic Progressive Party Locations: Taipei, China, Washington, Beijing

☆ Xi Jinping is in a battle with China's own military, and the outcome could drag the US into WWIII
▼ + stars: | 2024-01-15 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +6 min

Xi Jinping is in a struggle with China's military, purging senior commanders to reshape it. A Chinese invasion somewhere like Taiwan could drag the US into a Third World War, one analyst said. AdvertisementXi Jinping is fighting with China's own military, seeking to purge commanders he sees as unwilling or unable to go to war, military analysts told Business Insider. Since taking power in 2012, Xi has overhauled China's military by cutting deep into its personnel, seeking to improve military-civilian cooperation, and reshaping its structure, among other reforms. A Chinese invasion in East Asia would drag Western countries into something larger, he predicted.

Persons: Xi Jinping, —, Gordon Chang, Chang, Xi, Liu Yazhou, Joel Wuthnow, Wuthnow, Biden, Vladimir, Jinping Organizations: Service, Gatestone Institute, Air Force, BI, Center, Chinese Military Affairs, National Defense University, China's, Force, PLA, Navy, NBC News, APEC, WWIII Locations: Taiwan, China, Washington , DC, India, Japan, East China, Philippines, South China, San Francisco, Ukraine, Russia, insurgencies, Africa, Gaza, Red, Persian Gulf, East Asia, Israel, United States

☆ Tempers Flare as Guatemala’s Presidential Inauguration Is Delayed
▼ + stars: | 2024-01-14 | by ( Simon Romero | Jody García | ) www.nytimes.com time to read: +1 min

Opponents of the anticorruption crusader Bernardo Arévalo delayed his inauguration as president of Guatemala on Sunday, ratcheting political tensions higher in Central America’s most populous country. Confusion around the transition of power emerged shortly after Guatemala’s highest court on Sunday allowed conservative members of Congress opposed to Mr. Arévalo to maintain their leadership of the chamber. After that ruling, arguments among lawmakers flared in the chamber around midday when Congress was expected to officially name Mr. Arévalo as president. Some congressional members went behind closed doors; as they remained deliberating, other lawmakers contended they were trying to derail the transfer of power, fueling bewilderment and frustration around the country. “These are the latest strategies that corrupt elites are using to prevent a democratically elected government from coming to power,” said José Ochoa, 64, a small-business owner who was among the hundreds who streamed into the streets of Guatemala City’s old center to show support for Mr. Arévalo on Sunday.

Persons: Bernardo Arévalo, Arévalo, ”, José Ochoa Locations: Guatemala, Central America’s

☆ Explainer-What's the Israel-Palestinian Conflict About and How Did It Start?
▼ + stars: | 2024-01-13 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +8 min

The conflict pits Israeli demands for security in what it has long regarded as a hostile Middle East against Palestinians' unmet aspirations for a state of their own. In 1979, Egypt became the first Arab state to sign a peace treaty with Israel. Two-state solution: An agreement that would create a state for the Palestinians in the West Bank and Gaza Strip alongside Israel. Israel has said a Palestinian state must be demilitarised so as not to threaten its security. Jerusalem: Palestinians want East Jerusalem, which includes the walled Old City's sites sacred to Muslims, Jews and Christians alike, to be the capital of their state.

Persons: David Ben, Gurion, Israel, Yasser Arafat, Yitzhak Rabin, Arafat, Bill Clinton, Ehud Barak, Donald Trump's, Joe Biden's, Trump, Edmund Blair, Timothy Heritage Organizations: United Nations General Assembly, Arab League, West Bank, Palestine Liberation Organization, PLO, Palestinian, European Union, U.S, Israel Locations: Israel, East, Palestine, British, Jerusalem, Jordan, Lebanon, Syria, Gaza, East Jerusalem, Egypt, Israeli, Suez, Golan, Lebanon's Iran, United States, Oslo, Arab, Palestinian, Qatar, Saudi Arabia, Riyadh, U.S

☆ Inflation is stuck and the Fed can't lower prices without damaging the economy, top economist Mohamed El-Erian says
▼ + stars: | 2024-01-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Inflation looks to be stuck above the Fed's target rate, top economist Mohamed El-Erian said. If the Fed lowers inflation to 2% too quickly, it risks "crushing" the economy, El-Erian has warned. AdvertisementThe Federal Reserve's inflation fight has hit a wall, and central bankers can't lower prices in the economy any further without causing damage, according to top economist Mohamed El-Erian. El-Erian warned last year that inflation would likely get stuck around the 3%-4% mark, thanks to persistent pressures in the economy that will push prices higher, he said. Other commentators on Wall Street have warned of the possibility of resurgent inflation as price pressures in the economy linger.

Persons: Mohamed El, Erian, — Organizations: Service, Allianz, Bureau of Labor Statistics, Bloomberg, CPI, stoke, El, New York Fed, Cleveland Fed Locations: El, That's, Red

☆ Sliding mortgage rates are helping to thaw the frozen housing market, Redfin says
▼ + stars: | 2024-01-05 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

There's finally a glimmer of hope for the housing market, according to Redfin. AdvertisementThere are signs the frozen housing market is starting to thaw after a year where higher mortgage rates drove potential buyers away, according to Redfin. Still, the flare-up fueled a slowdown in housing market activity, with potential buyers disenchanted by higher rates and would-be sellers opting to stay put to take advantage of being locked in at a lower mortgage rate. Mortgage rates still look high compared to historic levels despite the recent pick-up in demand, according to real-estate agents. "There have been more tours and more offers on my listings since mortgage rates started declining," said Shay Stein, who works for Redfin in Las Vegas.

Persons: There's, —, Freddie Mac, Redfin, Shay Stein Organizations: Service, Federal Reserve, Redfin Locations: Las Vegas

☆ Tracy Bennett Brings Whimsy to Wordle
▼ + stars: | 2023-12-31 | by ( Emmett Lindner | ) www.nytimes.com time to read: +1 min

Times Insider explains who we are and what we do, and delivers behind-the-scenes insights into how our journalism comes together. When Tracy Bennett sits down to play Wordle, she does so with a word of six — not five — letters in mind: Whimsy. “I got one green letter and four gray letters,” she adds, referring to the game’s color-coded squares that signify which guessed letters are correct. Some may find the exercise meritless — Ms. Bennett does, after all, already know the answer. As Wordle’s first and only editor, she knows every answer to every Wordle puzzle about six weeks in advance.

Persons: Tracy Bennett, —, “ I’m, “, Ms, Bennett, Wordle’s Organizations: New York Times Games

☆ My colon ruptured when I was 25 weeks pregnant, triggering early labor. We've visited the NICU that saved my son every year since.
▼ + stars: | 2023-12-30 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Her son was born at 25 weeks and spent 145 days in the NICU. When I was nearly 25 weeks pregnant, my colon ruptured. They warned that this would likely send me into early labor but said it would save my life. But our son would spend nearly five months — or 145 days — in the NICU. When Ryder was in the NICU, we still took monthly milestone pictures and dressed him up for holidays.

Persons: Lindsey Albarado, He's, —, I'd, couldn't, Ryder, hadn't, — who's, Ryder's Organizations: Service, Children's Hospital New Locations: Children's Hospital New Orleans

☆ The CEO of an A16z-backed healthcare startup is pitching a better way to save money on obesity care
▼ + stars: | 2023-12-29 | by ( ) www.businessinsider.com time to read: +8 min

Boyarsky Pratt said about 35% of Knownwell's patients come for primary care, while the rest see the company's providers for their metabolic health. They can prescribe GLP-1 drugs, but they're just one tool the company uses to treat obesity, Boyarsky Pratt said. It's also planning to partner with more health systems to help them expand access to weight care. It partners with one large system in Massachusetts now, but Boyarsky Pratt declined to disclose which one. "The data shows that the earlier patients get into a comprehensive treatment, the better for the long-term course of the disease," Boyarsky Pratt said.

Persons: —, Brooke Boyarsky Pratt, Andreessen Horowitz, Boyarsky Pratt, Knownwell, Angela Fitch, Berkadia, Fitch, Needham, Boyarsky Platt, they'd, Michael Siluk, It's Organizations: Service, Business, GLP, BMI, Medicare, Obesity Medicine Association . Obesity Medicine, University of Pennsylvania, Harvard Business School, Berkshire Hathaway, Obesity Medicine Association, Weight, Flare Capital Partners, Staff, Getty, American Academy of Pediatrics Locations: Boston, GLP, Massachusetts, Knownwell, Needham , Massachusetts, telehealth

☆ U.S. launches Operation Prosperity Guardian to defend Red Sea shipping lanes from Houthi attacks
▼ + stars: | 2023-12-18 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

U.S. officials on Monday expanded a multinational maritime force in the Red Sea to defend against escalating attacks from the Iran-backed Houthi rebels, which have impeded international shipping routes. The new defense, named Operation Prosperity Guardian, builds on the power of the Combined Maritime Forces, a 39-member international coalition. A subdivision of the forces, called Task Force 153 is dedicated to the Red Sea. Oil giant BP announced Monday it would temporarily suspend its shipping in the Red Sea, joining companies like shipping firms Maersk, MSC and others. Operation Prosperity Guardian will aim to deter further Houthi attacks as the U.S. eyes potential flare-ups of regional conflict amid the Israel-Hamas war.

Persons: Lloyd Austin, hadn't, John Kirby Organizations: Prosperity, Combined Maritime Forces, U.S . Navy Fifth Fleet, Security, Task Force, BP, Maersk, MSC Locations: Sana'a, Yemen, U.S, Iran, Bahrain, Suez, Red, Israel

☆ VCs are getting pickier about their weight-loss bets as startups rush to prescribe Ozempic
▼ + stars: | 2023-12-11 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +8 min

Read previewWith the Ozempic craze in full swing, investors are getting picky about the weight-loss startups they want to back. Kaganoff predicted that in the new year some startups prescribing GLP-1s would invest more money in studies using real-world evidence to show their programs work. And despite the Ozempic frenzy, weight-loss startups captured a tiny fraction of the money invested this year. Investors had put about $211 million toward weight-loss startups through mid-November, representing about 3% of digital-health funding over that period, according to PitchBook. Alfie HealthSome unlikely sectors of the healthcare industry stand to benefit from the growth of the weight-loss market.

Persons: —, Sari Kaganoff, Crystal Cox, Kaganoff, Ro, VCs, Michael Greeley, Alyssa Jaffee, 7wireVentures, she's, she'd, Mounjaro, Mercer, Michael Siluk, PitchBook, Alfie Health, it's, Alfie's cofounders, Aaron DeGagne, Jordan, he'd, DeGagne, There's Organizations: Service, Business, Rock Health, Flare Capital Partners, Getty, Employers, Health, Investors, Phenomix Sciences, Mayo Clinic, PitchBook, Tusk Venture Partners, Sword Health Locations: GLP

☆ Major Explosion Destroys Arlington House During Police Search
▼ + stars: | 2023-12-05 | by ( Gareth Vipers | ) www.wsj.com time to read: 1 min

An explosion leveled a house in Arlington, Va. on Monday night, as police attempted to execute a search warrant. Police are continuing to investigate the cause of the blast. Photo: Alex Wilson/Associated PressA home was destroyed by a massive explosion in a Washington, D.C., suburb as police were trying to execute a search warrant in response to reports of a man discharging a flare gun inside. Police visited a house in Arlington, Va., at around 4:45 p.m. ET Monday after receiving calls that a man had discharged a flare gun approximately 30 or 40 times into the surrounding neighborhood, the local police department said in a statement.

Persons: Alex Wilson Organizations: Police, Associated, D.C, . Police Locations: Arlington , Va, Washington

☆ Explosion Destroys Arlington House During Police Search
▼ + stars: | 2023-12-05 | by ( Gareth Vipers | ) www.wsj.com time to read: 1 min

An explosion leveled a house in Arlington, Va., on Monday night. Police are continuing to investigate the cause of the blast. Photo: Alex Wilson/Associated PressA home was destroyed by a large explosion in a Washington, D.C., suburb as police said they were trying to execute a search warrant in response to a man firing a flare gun into the surrounding neighborhood. Police visited a house in Arlington, Va., at around 4:45 p.m. Their initial investigation indicated a man fired a flare gun about 30 or 40 times from the house, the local police department said in a statement.

Persons: Alex Wilson Organizations: Police, Associated, D.C, . Police Locations: Arlington , Va, Washington

☆ Suspect Presumed Dead After Explosion Destroys Arlington, Va., House
▼ + stars: | 2023-12-05 | by ( Gareth Vipers | Joseph Pisani | ) www.wsj.com time to read: 1 min

An explosion leveled a house in Arlington, Va., on Monday night. Police are continuing to investigate the cause of the blast. Photo: Alex Wilson/Associated PressThe suspect who fired a flare gun from inside his Arlington, Va., duplex home, which later exploded, is presumed to be dead, police said. Arlington County Police Chief Andy Penn said investigators are identifying the remains found at the property in the Washington, D.C., suburbs, and believe them to belong to the suspect, 56-year-old James Yoo .

Persons: Alex Wilson, Andy Penn, James Yoo Organizations: Police, Associated, Arlington County Police, D.C Locations: Arlington , Va, Arlington, Va, Washington

☆ The Fed could cut interest rates as early as the first quarter of 2024. Here are 7 quotes from central bankers that hint at what comes next.
▼ + stars: | 2023-12-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Markets are betting the Federal Reserve will cut interest rates as soon as early 2024. AdvertisementWall Street largely anticipates that the Federal Reserve has finished its interest rate-hiking cycle, and markets are betting central bankers will begin easing policy soon. Tom Barkin, Federal Reserve Bank of Richmond president, November 29: "If inflation comes down naturally and smoothly, awesome. Mary Daly, Federal Reserve Bank of San Francisco president, November 30: "I'm not thinking about rate cuts at all right now. John Williams, Federal Reserve Bank of New York president, November 30: "My assessment is that we are at, or near, the peak level of the target range of the federal funds rate."

Persons: Jerome Powell, —, CME's, Christopher Waller, Tom Barkin, Raphael Bostic, Mary Daly, John Williams, Williams Organizations: Federal Reserve, Service, ING, Barclays, Federal Reserve Bank, Richmond, Federal Reserve Bank of Atlanta, Federal Reserve Bank of San Francisco, Federal Reserve Bank of New York, Federal

☆ Watch this wild video of a house in Virginia blowing up as cops approached it
▼ + stars: | 2023-12-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

A home in Virginia went up in flames just as police officers were about to search it. Police said they were investigating the property after a suspect discharged a flare gun inside. AdvertisementA house in Virginia blew up in a Hollywood-style explosion just before police officers were about to execute a search on the property. Advertisement"Subsequently, an explosion occurred at the residence and officers continue to investigate the circumstances of the explosion," the post continued. The Arlington Fire Department said in an X post that their units "are actively working on fire suppression."

Persons: — Organizations: Police, Service, Arlington, Arlington County Police Department, Burlington, Arlington Fire Department, Business Insider Locations: Virginia, Arlington County

☆ Blast Rocks Home of Suspect Surrounded by Police in Virginia
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - A loud explosion rocked a neighborhood in a suburb of Washington, D.C., on Monday as police served a search warrant at a home where a suspect fired several gunshots and discharged a flare gun, police said. "As officers were attempting to execute a search warrant at the residence, the suspect discharged several rounds inside the home. Subsequently, an explosion occurred at the residence and officers continue to investigate the circumstances of the explosion," the Arlington County Police Department reported on X. Officers on the scene reported minor injuries with nobody taken to hospital, police said, adding that the fire department was on scene and attempting to put out the fire. Arlington County, with a population of about 234,000, is just across the Potomac River from Washington, D.C.(Reporting by Daniel Trotta; Editing by Edwina Gibbs)

Persons: Daniel Trotta, Edwina Gibbs Organizations: Reuters, Washington , D.C, Arlington County Police Department Locations: Washington ,, Arlington County, Potomac

☆ CNN took an 11-day cruise through some of the most-contested waters on Earth. Here’s what we learned
▼ + stars: | 2023-12-03 | by ( Brad Lendon | ) edition.cnn.com time to read: +23 min

China claims almost all of the 1.3 million-square-mile South China Sea as its sovereign territory. In daylight hours in the South China Sea, from Ottawa’s flight deck or outdoor bridge wings, Chinese warships are often visible to the naked eye. Aviator Gregory Cole/Canadian Armed Forces PhotoOn October 29, things take a potentially dangerous turn, one that could have cost lives and ratcheted up tensions in the South China Sea to new levels. Radar operators scan their instruments in a Canadian antisubmarine warfare helicopter over the East China Sea. Hammerhead targets drones await their fate on the deck of the frigate HMCS Ottawa in the South China Sea.

Persons: Sam Patchell, Jacob Broderick ,, Ben Hughes, Gregory Cole, he’s, “, King Neptune, Xi Jinping, Brad Lendon, Rafael Peralta, Collin Koh, ” Patchell, Patchell, Aviator Gregory Cole, ”, haven’t, Xi, Rob Millen, they’d, Long, Peralta, It’s, Qinetiq, Noble, That’s, Cmdr, Sean Milley, Christine Hurov, Wally Shirra, it’s, Wally Schirra, Loverboy’s, Australia’s, doesn’t, We’ll Organizations: HMCS, HMCS Ottawa CNN, Royal Canadian Navy, Canada, United, Naval Warfare Officers, Canadian Armed Forces, US Navy, Ottawa, CNN, Canada’s Defense Ministry, Chinese Communist Party, Coast Guard, Rajaratnam, of International Studies, People’s Liberation Army Navy, PLA Navy, United Nations, Ottawa's, Cyclone, Canadian, Royal Canadian Air Force, Chinese Defense Ministry, Pentagon, troika, Peralta, Brisbane, CNN Radio, New, New Zealand Navy’s, Cmdr, HMNZS Aotearoa, Australian, Southern Hemisphere, One Locations: HMCS Ottawa, Taiwan, Ottawa, China, United States, Canadian, South China, Gaza, Ukraine, East, Washington, Singapore, Beijing, Spratly, Vietnam, Philippines, Malaysia, Brunei, Chinese, South, East China, CNN Beijing, Canada, Gulf of Mexico, West Coast, Australian, Brisbane, Australia, Japan, New Zealand, Okinawa, replenishments, Aotearoa, American, Ottawa’s

☆ A solar eruption headed straight for Earth is eating up stray energy and could trigger a strong geomagnetic storm by Friday
▼ + stars: | 2023-11-30 | by ( Grace Eliza Goodwin | Marianne Guenot | ) www.businessinsider.com time to read: +2 min

A strong solar eruption this week could produce a powerful geomagnetic storm on Friday. The storm — called a coronal mass ejection — is eating up stray energy in space as it heads for Earth. AdvertisementA series of strong solar eruptions this week could trigger a powerful geomagnetic storm by Friday, bringing incredible aurora displays farther south than usual. This phenomenon is called a "Cannibal CME" and the end result could be a strong geomagnetic storm, Spaceweather.com reported. How to see the aurora this weekendThe storm could trigger aurora borealis farther south than usual.

Persons: —, Daniel Verscharen, It's Organizations: Service, CME, University College London, Prediction, NOAA Locations: Canada

In the latest incident, a UNIFIL patrol was hit by Israeli gunfire in the vicinity of Aytaroun of southern Lebanon, although there were no casualties. The force is deployed in southern Lebanon with the primary role of helping maintain international peace and security. Last December, an Irish soldier serving in UNIFIL was killed after the UNIFIL vehicle he was travelling in was fired on as it travelled in southern Lebanon. Seven people were charged by a Lebanese military tribunal in January for his death, the first fatal attack on U.N. peacekeepers in Lebanon since 2015. Calm had prevailed on the border since Hamas and Israel agreed a temporary truce that began on Nov. 24.

Persons: I've, Stephen MacEoin, Shamrock, MacEoin, Andrea Tenenti, Tenenti, We’ve, Aziz Taher, Hussein Al Waille, Maggie Fick, William Maclean Organizations: Camp Shamrock, United Nations Interim Force, UNIFIL, Reuters, United, Security Council, Thomson Locations: Lebanon, UNIFIL, Maroun, Ras, Lebanese, Israel, Gaza, Tiri, Lebanon's, Iran, United Nations, Aytaroun, Irish, Seven, U.N

Listen and follow DealBook SummitApple Podcasts | Spotify | Amazon MusicDealBook Summit includes conversations with business and policy leaders at the heart of today’s major stories, recorded live at the annual DealBook Summit event in New York City. With the 2024 election less than a year away, the Biden-Harris administration must navigate a host of challenges at home and abroad, including inflation and partisan gridlock, and conflicts in Gaza and Ukraine. Vice President Kamala Harris defended the administration’s economic record, pointing to record low unemployment and wage growth, and deflected concerns about Biden’s age. In talking about the Israel-Hamas war, which seems to have prompted an upsurge of antisemitism, Harris emphasized that she believed social divisions based on race, religion or otherwise had long existed in the country. It was just a matter of what might trigger a flare-up.

Persons: Harris, Kamala Harris Organizations: Spotify, Biden Locations: New York City, Gaza, Ukraine, Israel

☆ Fed's Barkin says rate hikes are still on the table if inflation doesn't continue to ease
▼ + stars: | 2023-11-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Richmond Federal Reserve President Thomas Barkin said Wednesday that policymakers need to retain the option of raising interest rates if inflation doesn't show enough progress coming down. But Barkin said he's not ready to commit to a particular policy path with so much uncertainty in the air. "But if inflation is going to flare back up, I think you want to have the option of doing more on rates," Barkin added. The Fed's preferred inflation measure of core personal consumption expenditures showed a 12-month rate of 3.7% in September and is expected to show a slightly lower reading in October. However, Barkin called the possibility of easing policy "a forecasting question" that he's not ready to answer.

Persons: Thomas Barkin, Barkin, he's, CNBC's Steve Liesman, Christopher Waller, he'd, it's, Raphael Bostic, Bostic Organizations: Richmond Federal, CNBC, Commerce Department, Fed, Atlanta Fed, Market

☆ U.S. crude oil tumbles below $75 a barrel after OPEC delays meeting
▼ + stars: | 2023-11-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude prices fell about 5% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. There was growing anticipation among traders that OPEC and its allies, called OPEC+, might implement additional production cuts, which pushed prices higher earlier in the week. Domestic crude inventories, excluding the strategic reserve, increased by 8.7 million barrels for the week ending Nov. 17. OPEC+, for its part, has already taken 5.16 million barrels per day off the market since 2022. OPEC has blamed speculators for the recent drop in crude prices, arguing that market fundamentals are strong.

Persons: Brent, Tamas Varga, " Varga, Goldman Sachs, Varga Organizations: New Harmony Oil, Organization of Petroleum, The West Texas Intermediate, Bloomberg, OPEC, PVM Oil Associates, Energy Information Agency, Hamas Locations: U.S, Saudi, Russia, Ukraine, China, OPEC, Saudi Arabia, Israel, Gaza

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