- Reuters/Patrick T Fallon
Here is what you need to know.
The Federal Reserve meets. The US central bank is widely expected to raise its key interest rate by 25 basis points to a range of 1.25% to 1.50% at the conclusion of Wednesday’s meeting.
Roy Moore loses in Alabama. The Democrat Doug Jones was declared the winner in the Alabama special election on Tuesday night, shrinking the Republican Party’s Senate majority to just one seat.
Tillerson says the US is ready to talk to North Korea. “We’re ready to talk any time North Korea would like to talk, and we’re ready to have the first meeting without precondition,” Secretary of State Rex Tillerson told the former national security adviser Stephen Hadley during a question-and-answer session. “Let’s just meet. We can talk about the weather if you want … But can we at least sit down and see each other face-to-face, and then we can lay out a map, a road map, of what we might be willing to work towards.”
UK employment drops. The UK’s unemployment rate stayed at a record-low 4.3% in the three months to October, but 56,000 fewer people held jobs, according to the latest data from the Office of National Statistics.
Bank of America says the bull market has plenty of ‘gas in the tank.’ The bank’s technical team says that the chart for 2018 looks a lot like that of 2014 and that the S&P 500 could hit 3,000 by the end of next year.
Litecoin’s creator issues a stern warning to investors. “Sorry to spoil the party, but I need to reign in the excitement a bit,” Litecoin’s creator, Charlie Lee, tweeted. “Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!”
Tesla hits an 8-week high. Shares of the electric-car maker touched their best level in eight weeks Tuesday, propelled by news that Pepsi reserved 100 of the company’s Semis.
Uber loses its license in a 3rd UK city. The City of York Council’s Gambling, Licensing, and Regulatory Committee rejected Uber’s application to renew its license, citing concerns about the recent data breach and the number of complaints it had received about the service, Reuters says.
Stock markets around the world trade mixed. China’s Shanghai Composite (-1.25%) trailed in Asia, and Britain’s FTSE (+0.10%) clings to gains in Europe. The S&P 500 is set to open little changed near 2,666.
US economic data is light. CPI will be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.41%.