Democrats in the U.S. House of Representatives are focusing on charges that President Donald Trump abused his office and obstructed Congress as they prepare for articles of impeachment and a subsequent vote on whether to send the case to the Senate for trial. At a hearing Monday on Capitol Hill, lawyers for both parties presented very different interpretations of the facts laid out over weeks of public testimony. —David E. Rovella

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Here are today’s top stories

The September mayhem in the U.S. repo market suggested there’s a structural problem in this vital corner of finance. It seems that banks and hedge funds fueled it.

Despite the growing possibility that he’ll be the third U.S. president to be impeached, things are looking good for Trump on this front, Bloomberg Businessweek reports. 

The FBI was justified in opening a probe of Russian interference in the 2016 campaign and its potential ties to then-Republican candidate Donald Trump, the Justice Department inspector general said.

Labour Party leader Jeremy Corbyn went so far as to call the 28-year-old billionaire a “dodgy landlord.” Meanwhile, Corbyn’s opponent in the Dec. 12 U.K. election, Prime Minister Boris Johnson, was put on the defensive over the National Health Service after a newspaper published a picture of a 4-year-old child being treated on the floor of a hospital emergency room.

Russia was barred from the Olympics and other competitions for four years after anti-doping officials found a persistent effort on the part of Moscow to cheat by way of drug use—and cover it up.

What’s Joe Weisenthal thinking about? The Bloomberg news director is pointing you to the latest episode of the Odd Lots podcast, in which we speak with Srinivas Thiruvadanthai of the Jerome Levy Forecasting Center about his new paper on the folly of inflation targeting. The gist is that over the last two decades, the Fed has focused aggressively on inflation stability, protecting creditors by fighting both recessions (cutting rates and preventing mass defaults) and inflation (hiking rates). The obsessive focus on stability may have had the effect of facilitating more lending, creating a massive buildup in private-sector debt. 

What you’ll need to know tomorrow

• Morgan Stanley is terminating 2% of its employees.
• Parental leave is moving ahead in the U.S., but very slowly.
• How a $1 billion grudge drove a GM lawsuit against Fiat.
• Another reason why China might want to seal a partial trade deal.
• Crypto exchange LedgerX just placed its co-founders on leave.
• Come look inside Citigroup’s revamped, swankier headquarters. 
• Here’s why your next vacation should be in North Korea.

What you’ll want to read in Bloomberg Pursuits

This Rare Scotch Whisky May Fetch $2 Million 

For two decades, Colorado businessman and philanthropist Richard Gooding pursued the finest scotch specimens. Gooding, who died in 2014 at 67, amassed 3,900 bottles, including some rarities that may sell for almost $2 million apiece. Soon they will become the largest private whisky collection ever to hit the auction block. In October, Sotheby’s auctioned off a 1926 Macallan Fine & Rare 60 Year Old for a record $1.9 million. The Gooding auction will feature two of them, one of which features a label created by the Italian pop art painter Valerio Adami. Only a dozen of those were made. 

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