Fed Minutes Show Rate Hike Scenario, Deadly California Avalanche, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Minutes from the last Fed meeting show officials worried over inflation, and several members suggested the Fed may need to raise interest rates if inflation stays above their goal. Here is Bloomberg's Michael McKee.
The focus of the January meeting on inflation largely rather than jobs and concern that bringing it down had stalled. Officials anticipated inflation would move down this year, but the pace and timing remained uncertain.
That is Bloomberg's Michael McKee. Now, at the same time, these minutes show a vast majority on the Fed's committee judged the downside risk to the labor market had moderated in recent months. And one group of policymakers was embracing a view less open to additional rate cuts at least in the near term. We go to California next, where eight backcountry skiers were found dead after being trapped by an avalanche near Lake Tahoe. Six people survived and were rescued, with two taken to the hospital for treatment. Authorities say one skier is still missing with rescue efforts ongoing. Here is Nevada County Sheriff Shannon Moon.
It's a very remote, rugged area on the north side of the highway there. It is not a groomed area or a ski resort area. This is a backcountry area, rugged terrain.
Now an avalanche warning remains in effect in parts of the Sierra Nevada. Another wave of heavy snow is forecast to sweep in off the Pacific Ocean overnight. Metta CEO Mark Zuckerberg took the stand at a landmark trial over social media addiction, and he said it's difficult to keep kids under 13 off Instagram. Now, this case involves a 20-year-old woman who had an Instagram account when she was nine years old. Her attorney said her addiction to social media exacerbated depression and suicidal thoughts. Here is Bloomberg's Kurt Wagner.
To kind of be challenged with these allegations and in Mark Zuckerberg's case to defend himself and his company against these accusations.
What insights do the Fed minutes provide about potential rate hikes?
And so it's been highly watched, highly anticipated. And this is just really the first of more than a thousand potential trials that we could see.
You can hear more from Kurt Wagner on the Bloomberg Businessweek Daily podcast. Incidentally, this trial is expected to run through the end of March. The Department of Justice wants large movie theater chains to weigh in on the sale of Warner Brothers Discovery. We are told DOJ antitrust lawyers are seeking information on how a sale would impact the movie-going public and film releases in theaters. Crude oil rallied today on a report that American military intervention in Iran could come sooner than expected. Axios reported any U.S. military operation would likely be a weeks-long campaign rather than a pinpoint operation similar to what happened last month in Venezuela. Here is White House Press Secretary Caroline Leavitt.
The president has always been very clear, though, with respect to Iran or any country around the world, diplomacy is always his first option. And Iran would be very wise to make a deal with President Trump and with this administration.
Axios also reported the Israeli government is pushing for regime change in Iran. Today, WTI crude oil was up 4.6 percent in New York, trading to 65.19. Walmart is set to report its earnings tomorrow when we have a preview from Bloomberg's Tom Busby.
expectations for walmart's fourth quarter earnings are running high on a boost in holiday sales now the big focus though guidance for the upcoming fiscal year from new ceo john ferner that's amid a struggling u.s labor market uneven consumer sentiment and lower wage earners pulling back on their spending on non-essential items bloomberg consensus calls for revenue of 190.62 billion dollars on adjusted earnings per share of 73 cents
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