1. Senate panel advances GOP tax overhaul
The Senate Budget Committee approved the Republican tax overhaul in a 12-11 party-line vote on Tuesday after two GOP senators who have expressed opposition agreed not to block it from advancing to the full Senate. One of the potential GOP holdouts, Sen. Bob Corker (R-Tenn.), said he had received assurances that it would include a "trigger" to "ensure greater fiscal responsibility should economic growth estimates not be realized." The other, Sen. Ron Johnson (R-Wis.), flipped to "yes" to move it along, hoping to get taxes on smaller businesses reduced before a final vote. With a slim 52-to-48 Senate majority and all Democrats opposed, Republicans can only afford two defections and still pass the legislation. Protesters outside shouting "kill the bill" were arrested.
2. Fed nominee says December rate hike likely
Jerome Powell, President Trump's nominee to succeed Janet Yellen as Federal Reserve chairman, signaled in his Senate confirmation hearing on Tuesday that the central bank probably would raise interest rates at its December meeting. "I think the case for raising interest rates at our next meeting is coming together," Powell told the Senate Banking Committee. Powell said the Dodd-Frank Act, passed after the 2008 financial crisis, had made the U.S. financial system stronger, but some regulations covering smaller banks could be eased, something President Trump and Wall Street support. "We will we continue to consider appropriate ways to ease regulatory burdens while preserving the core reforms," Powell said.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Stocks post new records
U.S. stocks surged to the latest in a series of records on Tuesday as investors shook off news of a North Korean missile launch and focused on a Senate panel's approval of the pro-business GOP tax overhaul. The markets also got a boost from comments by Jerome Powell, President Trump's Federal Reserve nominee, signaling that he expects to keep the central bank on its current course when he replaces Janet Yellen as Fed chair in February. The Dow Jones Industrial Average rose by 1.1 percent, while the S&P 500 gained 1 percent and the Nasdaq Composite 0.5 percent. Early Wednesday, Dow futures pointed to a higher open that could put the benchmark within striking distance of the 24,000 milestone. S&P and Nasdaq futures edged down.
4. Bitcoin breaks $10,000 barrier
Bitcoin broke the $10,000 barrier on Wednesday, reaching an all-time high of $10,831.75, CNBC reported, citing industry site CoinDesk. That marked a 10 percent jump in 24 hours. The cryptocurrency has made a meteoric rise from 6 cents seven years ago. It has risen more than 10-fold since starting 2017 at under $1,000. Bitcoin uses encryption and a blockchain database to transfer funds quickly and anonymously. Critics have dismissed it as a "fraud" and a "fad," but the world's largest futures exchange, CME, plans to launch bitcoin futures in December, adding to its legitimacy as an asset class.
5. NBC fires Matt Lauer after sexual misconduct allegation
NBC has fired longtime Today show host Matt Lauer after a colleague accused him of sexual misconduct in the workplace. Lauer's former co-anchor, Savannah Guthrie, announced the news Wednesday at the start of the show. "We are grappling with a dilemma that so many people have faced these last few weeks: How do you reconcile your love for someone with the revelation that they have behaved badly?" Guthrie said. In a memo to staff, NBC News chairman Andy Lack explained that "on Monday night, we received a detailed complaint from a colleague about inappropriate sexual behavior in the workplace by Matt Lauer." Lack added that while "it is the first complaint about his behavior in the over 20 years he's been at NBC News, we were also presented with reason to believe this may not have been an isolated incident."
-
Marisa Silver’s 6 favorite books that capture a lifetimeFeature The author recommends works by John Williams, Ian McEwan, and more
-
Book reviews: ‘We the People: A History of the U.S. Constitution’ and ‘Will There Ever Be Another You’Feature The many attempts to amend the U.S. Constitution and Patricia Lockwood’s struggle with long Covid
-
Philadelphia’s Calder GardensFeature A permanent new museum
-
Russia is ‘helping China’ prepare for an invasion of TaiwanIn the Spotlight Russia is reportedly allowing China access to military training
-
Interpol arrests hundreds in Africa-wide sextortion crackdownIN THE SPOTLIGHT A series of stings disrupts major cybercrime operations as law enforcement estimates millions in losses from schemes designed to prey on lonely users
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
