The Federal Reserve kept its target interest rate unchanged Wednesday for the second straight policy meeting, while acknowledging strong growth over the last few months, Axios Macro's Neil Irwin writes.
Why it matters: In keeping the benchmark federal funds rate in the 5.25% to 5.5% range, the central bank's unanimous decision left open the possibility that its two-year rate hiking campaign may have reached its end. However, it did not rule out another rate hike this year.
State of play: With inflation cooling, several top officials have said they believe the time is right to be patient and allow a series of hikes that pushed rates up by more than five percentage points since March 2022 to have their full effect.
Four-day workweeks are far from becoming the norm, but a pattern seems to be emerging.
State of play: According to research out this week from jobs platform Indeed, employers in sectors where workers have to be in person are more commonly advertising shortened weeks in job postings compared to those with fewer remote and hybrid options.
Disney has agreed to buy Comcast's 33% stake in Hulu, the company said Wednesday.
Why it matters: The deal ends years of speculation as to what would happen with that stake, and puts the streaming service firmly in the hands of Disney.
The Federal Reserve kept its target interest rate unchanged Wednesday for the second straight policy meeting, while acknowledging strong growth over the last few months.
Why it matters: In keeping the benchmark federal funds rate in the 5.25% to 5.5% range, the central bank's unanimous decision left open the possibility that its two-year rate hiking campaign may have reached its end. However, it did not rule out another rate hike this year.
Condé Nast, the parent company to titles such as Wired, Vogue, GQ and Vanity Fair, will lay off approximately 5% of its staff, CEO Roger Lynch told employees in a memo Wednesday.
Why it matters: The cuts, which will mostly impact staffers working on digital video, reflect fast-moving changes in the digital video industry.
Microsoft has shut off all its AI-generated polls on news articles and launched an investigation after the Guardian Media Group blasted the tech giant for a poll that ran alongside a story about a woman's death.
Driving the news: "A poll should not have appeared alongside an article of this nature, and we are taking steps to help prevent this kind of error from reoccurring in the future," Microsoft said in a statement to Axios on Wednesday.
WeWorkplans to file for bankruptcy by as early as next week, per multiplereports.
Why it matters This isn't much of a surprise, given CEO David Tolley's warnings in August, but it's nonetheless stunning to see the complete collapse of what was once a $47 billion behemoth.
Strikes, boardroom battles, and an irreversible decline in longstanding stalwarts have turned Bob Iger's second turn as Disney CEO into a nightmare.
Why it matters: A pop culture and Wall Street touchstone, Disney hasn't been this vulnerable in decades, and Iger has admitted that the problems Disney faces were greater than he anticipated when he returned.
Taylor Swift has accomplished more this calendar year than most artists hope to achieve during an entire career.
Driving the news: Swift currently has the No. 1 song in the country with "Cruel Summer" and is on the verge of scoring her second No. 1 album of 2023 with "1989 (Taylor's Version)."
JetBlue on Tuesday began defending its proposed $3.8 billion takeover of Spirit Airlines, over the U.S. Department of Justice's antitrust objections.
Why it matters: The deal would create America's fifth-largest airline, and be the domestic industry's first major merger since Alaska Air bought Virgin America in 2016. But if JetBlue loses in court, its long-term survival becomes an open question.
The averagechild care payment is up 32% from 2019, according to new data from the Bank of America Institute. The price surge outpaced overall inflation; the Consumer Price Index was up 20% over the same period.
Why it matters: Rising costs pose a threat to the remarkable progress that women, particularly mothers, have made in the U.S. labor force.
It's looking increasingly uncertain that major Seattle-area corporations will be able to meet the ambitious emissions-reduction pledges they've made.
Why it matters: Cutting global emissions enough to limit global warming's worst impacts will require big changes from major corporations, many of which emit as much greenhouse gas as small countries.
The U.S. Small Business Administration has chosen three new lenders to make SBA 7(a) loans nationally, Axios has learned.
Why it matters: This marks the first time in more than 40 years that the SBA has expanded its primary business loan program and brings the total number of nonbank lenders up from 14 to 17.
The big picture: Sunday, Nov. 5 is when most of the nation will "fall back" to standard time as proposed legislation to end the twice-yearly changing of the clocks has sat idle since March.
