The Federal Reserve raised its benchmark interest rate by 0.75% on Wednesday, marking its fourth straight 75-basis-point increase this year. The move brings its short-term interest rate to a range of 3.75% to 4%, its highest level since January 2008. The Fed signaled plans to continue increasing rates though at a smaller increment. More: - The Fed aims to bring inflation down to its target of 2%.
- Fed officials noted that it could take some time for the impact of the rate hikes to be reflected in the economy.
- U.S. inflation rose 8.2% in September compared to last year, down slightly from the 8.3% registered in August.
- Core CPI, which excludes energy and food prices, rose 6.6% in September, its fastest increase in 40 years and slightly higher than the 6.3% reported in August.
- October inflation numbers are expected to be released on Nov. 10.
- U.S. stocks fell on Wednesday following news of the rate increase.
- Around 3:30 p.m. ET, the Dow had lost more than 400 points or over 1%.
- The S&P 500 was down 2%, and the Nasdaq was down nearly 3%.
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Elon Musk on Wednesday tweeted that permanently suspended accounts on the platform would not be reinstated for at least a few more weeks. The new owner and "Chief Twit" of Twitter added that the company would have a clear process for dealing with Twitter violations before any de-platformed accounts would be restored. More: - Musk had previously said he does not believe in permanent bans, noting that Twitter's decision to permanently suspend former President Donald Trump was a mistake.
- In 2021, Twitter suspended Trump's account following the Jan. 6, 2021, riot at the U.S. Capitol.
- Twitter said the decision to suspend President Trump was due to the risk of further incitement of violence.
- Last week Musk shared a note to Twitter advertisers saying he would not allow the social media platform to "become a free-for-all hellscape."
- The SpaceX and Tesla CEO plans to form a Twitter content moderation council with widely diverse viewpoints.
- Musk said no major content decision or account reinstatements would happen before that council convenes.
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Walgreens and CVS have agreed to pay more than $10B to settle opioid-crisis lawsuits brought by various cities, states, and Native American tribes. CVS agreed to pay $4.9B to states and municipalities and $130M to Native American tribes over the next 10 years starting in 2023. More: - Walgreens agreed to pay $4.79B to states over 15 years and $155M to Native American tribes.
- Walgreens expects to pay up to $753.5M in attorneys fees over six years.
- CVS and Walgreens said the settlements weren’t an admission of guilt or wrongdoing and planned to defend any litigation not resolved by the settlement.
- The states, municipalities, and tribes still need to agree to the settlement before it can be finalized.
- According to the CDC, the U.S. opioid crisis resulted in more than half a million deaths.
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Russia rejoined the Black Sea Grain Initiative on Wednesday, a U.N.-backed initiative that allows grain shipments from Ukraine through the Black Sea to reach international markets. Turkish President Recep Tayyip Erdoğan, who helped negotiate the initial grain exports deal in July, said President Putin told him he would like to see the poorest countries in Africa receive shipments first. More: - Erdoğan said the first grain shipments would head to Somalia, Djibouti, and Sudan, countries particularly vulnerable without Ukrainian agricultural imports.
- Russia exited the agreement on Saturday after accusing Ukraine of targeting its naval fleet in the Black Sea with drones.
- More than 9 million tonnes of Ukrainian agricultural products have reached international markets since the initial export pact in July.
- Following news of the restored pact, wheat futures fell 6.4% to $8.45 a bushel, and corn dropped 2.4% to $6.81 a bushel.
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Airbnb released its Q3 earnings on Tuesday after market close, reporting better-than-expected results. Airbnb reported its most profitable quarter ever, with a net income of $1.2B, up 46% YoY. Revenue was $2.9B, up 29% YoY. More: - Airbnb reported $99.7M in Nights and Experiences Booked, up 25% YoY.
- Gross Booking Value came in at $15.6B, up 31% YoY.
- Airbnb said guest demand remained strong throughout the quarter and global guest arrivals, meaning guests who showed up, exceeded 90 million, another record.
- Airbnb shares fell more than 6% in after-market trading on Tuesday.
- It was down ~8% during morning trading on Wednesday.
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Shipping giant Maersk released its Q3 earnings on Wednesday, reporting record profits. The Danish company reported revenue of $22.8B and a profit of $8.9B, marking its 16th straight month of year-over-year earnings growth. Maersk is the world’s largest container shipping firm. More: - Maersk chief executive Søren Skou said the company expects earnings, demand, and shipping freight rates to decline due to a drop in consumer confidence and consumption.
- Skou cautioned of a looming recession and noted that every indicator the company uses is “flashing dark red” warning signs.
- Skou added that freight rates were starting to normalize, and supply chain bottlenecks were easing.
- The company reported an operating profit of $10.9B, up 60% YoY.
- Maersk shares were down more than 5% during morning trading on Wednesday.
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- TMRW Sports, pronounced "tomorrow," announced a new sports investment group whose backers include start athletes Serena Williams, Stephen Curry, Lewis Hamilton, and Alex Morgan. TMRW was founded in August by Tiger Woods and Rory McIlroy and aims to use tech and media to help reimagine sports for future audiences.
- The Biden administration plans to provide more than $13B in aid to support low-and moderate-income Americans with their energy costs. Vice President Kamala Harris announced the initiative during a Wednesday visit to a sheet metal workers' training facility and union hall in Boston.
- YouTube launched an online marketplace for streaming services with more than 30 offerings. The new service, called Primetime Channels, allows U.S. users to subscribe to streaming services, including Showtime, Paramount+, and Starz, directly from YouTube.
- Amazon expanded its music and ad-free podcast offerings to its Prime members. Under the new plan, Prime members would have access to 100 million songs, up from the 2 million songs available before.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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