Higher rates, smaller hikes

Jerome Powell says he sees daylight, but it’s at the end of a longer tunnel. The US Federal Reserve Chair stated interest rates will go up more than projected, and the path there could involve smaller hikes. In remarks Wednesday after the Fed raised rates by 75 basis points, Powell said it’s likely the “ultimate level of interest rates will be higher than previously expected” and it would be appropriate to slow the pace of increases “as soon as the next meeting or the one after that.” Then the downer: Powell emphasized “no decision has been made” on the course ahead and there’s still “some ways to go.” Well, that was enough for Wall Street to pick up its marbles and go home. Here’s your markets wrap. —David E. Rovella

Ukraine’s first lady said her nation could perish if the world gives in to fatigue over Russia’s war. “Ukrainians are ready to endure in the dark, in the cold, the most terrible things, so the tragedies we’ve seen don’t happen again,” Olena Zelenska said in an interview with Bloomberg Television. With Ukraine seeking energy supplies to power the country as Vladimir Putin targets its infrastructure with missiles, a foundation she runs is looking for smaller generators for schools and medical establishments. Kyiv says Russia has destroyed 40% of Ukraine’s energy infrastructure.

Elon Musk has won over a Twitter skeptic with his controversial acquisition of the company. It helps that it’s Cathie Wood, a longtime Tesla fan who now holds a small slice of the newly private company in her ARK Venture Fund. The fund launched in September and targets harder-to-trade assets.

Google, IBM and Wells Fargo joined a growing group of companies listing pay ranges on all their US job postings—not just where it’s required by law.

EBay reported robust third-quarter earnings, evidence that the online marketplace’s shift to luxury items and refurbished goods could help temper declining sales. The shares rose as much as 10% in extended trading.

Back in August, Federal Aviation Administration officials asked the American public how safe they thought airline seats were when it came to their size. Guess what they said?

Nearly two-thirds of donations to US Senate candidates in this election cycle have come from out-of-state contributors instead of from possible constituents. Far-flung donors play an especially outsize role in some of the closest Senate races on next week’s ballot: In the showdown between incumbent Democratic Senator Catherine Cortez Masto and GOP challenger Adam Laxalt, 85.9% of contributions have come from outside Nevada. It’s a similar story in other tight Senate contests.

China has ordered a seven-day lockdown of the area around Foxconn Technology Group’s main plant in Zhengzhou, a move that will severely curtail shipments in and out of the world’s largest iPhone factory. Global confirmed infections and deaths due to the coronavirus have remained largely flat in recent weeks, though in the US, signs of a possible fall wave may be gathering.

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

Firooz Zahedi first fell in love with Montecito 40 years ago, when he was invited to a party thrown by the actor Michael Douglas. “It was just heavenly,” says Zahedi, a celebrity photographer. “It’s an hour and a bit from LA, and I always thought I’d like to have a place up there.” The California town, a part of Santa Barbara, has been in the news recently as the new coastal abode of Prince Harry and Meghan Markle. But it’s long been a destination for a certain type of comparatively discreet, extremely wealthy international elite. “Montecito,” Zahedi says, “is the sleepy Hamptons.”

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