1) Fed ready to take action if inflation continues to run high
The U.S. Federal Reserve is ready to raise interest rates if inflation continues to run high, according to the minutes released yesterday of the committee’s meeting in early November.
“Various participants noted that the Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the Committee’s objectives,” stated in the minutes.
2) South Korea raised interest rate to 1%
South Korea’s central bank on Thursday raised its benchmark interest rate by 25bps from 0.75% to 1% as the country is struggling with rising inflation and household debt. This is the second hike after the central bank raised the benchmark from a record low in August from 0.50% to 0.75%.
3) U.S. added more Sino-tech firms to blacklist, citing security concerns
The Biden administration added more Chinese tech companies to its trade blacklist, citing national security concerns in an act of acquiring or attempting to acquire U.S. origin-items in support of military application.
4) Elon Musk sold another $1.05 billion worth of Tesla shares
A trust fund of Tesla CEO Elon Musk sold approximately $1.05 billion of Tesla shares on Tuesday evening, according to filings. Musk had sold $9.85 billion in total this month. Some of the shares were sold in part to make up for the tax obligations related to an exercise of stock options.