What we’re reading (11/13)
“Inflation Stays Firm, But Not Enough To Derail December Fed Cut” (Wall Street Journal). “Consumer prices edged up in October after having recorded the slowest rate of growth in 3½ years in the previous month, a sign of how inflation continues to move lower on an uneven and bumpy path. The latest report likely wasn’t enough to derail another interest-rate cut from the Federal Reserve in December. But together with solid consumer spending and steady hiring, firmer inflation could kick off a bigger debate at officials’ next meeting over whether to slow the pace of rate cuts early next year.”
“October Inflation Data Meets Forecasts, Keeping Fed On Track For December Rate Cut” (Yahoo! Finance). “Notable callouts from the inflation print include the shelter index, which rose 4.9% on an unadjusted, annual basis, matching September's increase. The index rose 0.4% month over month after rising 0.2% in September. Shelter contributed to over 50% of the monthly increase in overall inflation, the BLS said. Sticky shelter inflation has largely been blamed for higher core inflation readings, according to economists. At Yahoo Finance's Invest conference on Tuesday, Minneapolis Fed president Neel Kashkari categorized housing inflation as ‘the big elephant that is still out there’ but did say he's confident price increases will slow as new leases are signed at lower rates.”
“Cryptocurrency’s Latest Disruption: A Dog Popularity Contest” (New York Times). “It sounds like a fun, friendly online competition. Some cute dogs are chosen, and the public votes for their favorites. At the end, one dog claims the top prize. So how did the Honorary NYC Dog Mayor Election of 2024 turn into a morass of ballot stuffing, vituperation and — ugh — cryptocurrency-influenced chicanery?”
“FBI Seizes Polymarket CEO’s Phone, Electronics After Betting Platform Predicts Trump Win: Source” (New York Post). “FBI agents raided the Manhattan apartment of Polymarket CEO Shayne Coplan early Wednesday morning — just a week after the election-betting platform successfully predicted Donald Trump’s stunning victory, The Post has learned. The 26-year-old entrepreneur was roused from bed in his Soho pad at 6 a.m. by US law enforcement who demanded he turn over his phone and other electronic devices, a source close to the matter told The Post.”
“A New Supersize Limit For Some 401(k) Contributions Hits In 2025: What You Need To Know” (USA Today). “A substantially higher "catch-up" contribution for 401(k) plans applies for savers aged 60, 61, 62 and 63 who participate in these plans at work beginning in 2025. For example, if someone is 59 in March but turns 60 in September 2025, according to the IRS, they could contribute up to the maximum of $34,750 in a 401(k) plan in 2025. For 2025, the higher catch-up contribution limit that applies to this age group is $11,250. That's $3,750 on top of the ordinary $7,500 catch-up limit that starts to apply in the year that a saver turns age 50. Catch-up contributions for those 50 and up have long been a way for some who can save more to get an extra boost in their later working years.”
