🚀 Fed Expected To Cut Rates

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The Federal Reserve is expected to cut interest rates by 0.25% at its meeting on December 18, marking the third consecutive cut since September and reducing the federal funds rate to a range of 4.25%-4.50%. While the move might slightly ease borrowing costs, its impact varies by loan type. Credit card rates, currently averaging over 20%, may drop slowly, while mortgage rates, influenced more by Treasury yields, are unlikely to change significantly. Auto loans remain high due to rising car prices, and private student loans with variable rates could see some relief. Savers, however, can still benefit from online savings accounts offering near 5% yields, a bright spot amid fluctuating borrowing costs.

2. The SEC has issued a "settlement demand" to Elon Musk over potential securities fraud related to his 2022 acquisition of Twitter shares and Tesla stock sales, according to Musk's social media post. The demand allegedly includes a fine and a 48-hour response deadline, though sources indicate more time was allowed. Musk’s attorney accused the SEC of harassment and improper motives, citing a history of conflicts, including a 2018 settlement over Musk’s “funding secured” tweet. The agency’s actions may lead to a Wells notice if a settlement isn’t reached, but charges are not guaranteed. Musk continues to criticize the SEC while facing a separate lawsuit from an Oklahoma pension fund alleging deceptive practices in his Twitter stake disclosures.

3. UnitedHealth Group CEO Andrew Witty expressed grief over the recent fatal shooting of Brian Thompson, CEO of UnitedHealthcare, and used the moment to acknowledge systemic flaws in the U.S. health-care system. In a New York Times opinion piece, Witty called the health-care system a "patchwork" that no one would design intentionally and emphasized the insurer's commitment to improving care quality and reducing costs. While acknowledging the industry’s role in public frustration, including denied claims and rising premiums, Witty refrained from offering concrete reform solutions. The tragedy has amplified resentment toward insurers, already under pressure from rising medical costs and public criticism of opaque coverage decisions.

4. Headlines

   1. Broadcom stock jumped 21% on Friday, making it a $1T company.

   2. McKinsey & Company has agreed to pay $650m to settle a criminal investigation into consulting work it did for opioid producers.

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