The daily business briefing: December 12, 2019
The Federal Reserve holds interest rates steady, the U.K. votes in a bid to end the Brexit impasse, and more


1. Fed holds interest rates steady
The Federal Reserve announced Wednesday it would hold interest rates steady after cutting them by a quarter-point in three previous meetings. It was the Fed's first unanimous decision since May. The central bank's policy makers said they planned to continue monitoring risks related to trade tensions and a global economic slowdown. "The committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity," officials said in their policy statement, which The Wall Street Journal characterized as "optimistic." The sense is that things will remain stagnant for some time, and Fed Chair Jerome Powell didn't signal that, despite all those previous cuts, any hikes were expected in the near future.
2. U.K. votes in election called to settle Brexit stalemate
British voters went to the polls Thursday in an election Prime Minister Boris Johnson called to break the impasse over Brexit. Johnson, who was a leader in the push for the U.K. to leave the European Union in a 2016 referendum, campaigned under the slogan "Get Brexit Done." He also promised to increase spending on health, education, and police. His main rival, Labour leader Jeremy Corbyn, urged voters to "shock the establishment" and vote "for hope," warning that Johnson and his Conservative party would open Britain's National Health Service "to takeover by American mega-corporations and carry on with more cuts." Polls suggested Johnson would win, with anything from a narrow margin leading to a hung Parliament to a massive landslide.
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3. Saudi Aramco briefly hits $2 trillion valuation
Saudi Aramco shares gained further on their second day of trading Thursday, briefly pushing Saudi Arabia's state-owned oil company to an unprecedented $2 trillion valuation before the stock eased back slightly. The shares jumped by 10 percent in their first day of trading. The $2 trillion milestone, nearly $1 trillion higher than the value of the world's next biggest companies Microsoft and Apple, was the target Saudi leader Crown Prince Mohammed bin Salman initially sought in the initial public offering of Saudi Aramco stock in his push to diversify the oil-rich kingdom's economy. The Saudi Aramco IPO was the biggest ever, raising $25.6 billion to beat the $25 billion raised by Chinese online retail giant Alibaba in 2014.
4. House approves Space Force and family leave for federal workers
The House on Wednesday passed a $738 billion defense policy bill that authorizes the creation of a Space Force as the sixth branch of the military, and gives federal workers 12 weeks of paid parental leave. The bill, which passed 377-48, also gives troops a three percent pay raise. The House passed a version of the bill in July, and negotiators spent the last several months working out details and making concessions. The compromise bill does not include any provisions related to President Trump's border wall, and also drops several items touted by progressive Democrats, including blocking Trump from taking military action against Iran and banning the sale of certain munitions to Saudi Arabia. The bill still has to pass in the Senate, but Trump has said he will sign it.
5. Stock futures gain after Fed holds interest rates steady
U.S. stock index futures rose modestly early Thursday after the Federal Reserve's Wednesday decision to hold interest rates steady. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were up by about 0.2 percent several hours before the start of trading. The Fed closed a two-day policy meeting with a statement indicating no plans for policy changes in 2020. Investors also continued to monitor efforts to reach a "phase one" deal toward ending the U.S.-China trade war. President Trump reportedly is meeting with top trade advisers at the White House on Thursday, three days before his latest new tariffs targeting $156 billion in Chinese goods are due to take effect.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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