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Good afternoon. Here’s what you should know today, Nov. 1: |
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The $64,000 (adjusted for inflation!) question: whether the Fed shifts to less aggressive interest-rate increases Elon Musk wants more paying Twitter users There’s nothing corny about professional cornhole’s “BagGate” scandal |
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| Former President Donald Trump never delivered on a campaign pledge to release his tax returns. PHOTO: MARIO TAMA/GETTY IMAGES |
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1. Supreme Court Chief Justice John Roberts temporarily blocked Congress’s access to Donald Trump’s tax returns. |
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The former president had asked the court for an emergency order blocking the release of the information to the House Ways and Means Committee. The panel has until Nov. 10, two days after the midterm elections, to respond to the request, after which Roberts or the full court could act. Trump never released his tax returns, a custom every major-party presidential nominee since 1976 followed and President Biden resumed. After Democrats took the House in 2018, the committee requested the records. The then-president and his Treasury Department argued that there wasn’t a legitimate legislative need for them, triggering years of litigation. If Republicans win control of the House next week, as projected, they’ll likely drop the issue. |
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Republican Election Prospects Rise as Inflation Overshadows Abortion, WSJ Poll Finds (Read) Supreme Court Rejects Lindsey Graham’s Bid to Avoid Georgia Grand Jury Testimony (Read) Capitol Police Seek More Security for Lawmakers After Paul Pelosi Attack (Read) More Women Requesting Abortion Pills Outside Formal Channels, According to New Study (Read) |
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2. Elon Musk signaled he might institute an $8 monthly subscription for Twitter’s verified users. |
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He tweeted that the social-media company needs to pay its bills without relying on advertisers. In addition to the possible charges for the blue-checkmark crowd (Psst, I’m there: @Zlatimeyer.), Twitter also is ending ad-free articles access for users who pay monthly for premium features, according to people familiar with the matter. In his first few days at the helm, Musk also fired several top executives and named himself the company’s sole director. |
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Musk Is Forming Circle of Advisers as He Reimagines Twitter (Read) SpaceX Falcon Heavy Rocket Launched on Classified Military Mission (Read) |
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3. The Fed is expected to raise interest rates by 0.75 percentage point tomorrow, but economists and analysts are already focussing on a less aggressive December meeting. |
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It would be the fourth consecutive increase of that size as central-bank officials try to reduce inflation by decelerating the economy. Some recently signaled that they want to start shrinking the rate rises starting next month and to potentially stop them early next year to gauge the effects. Raising rates too much risks causing an unnecessarily sharp slowdown. |
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Traders Expect Higher Interest Rates to Stay for Foreseeable Future (Read) U.S. Job Openings Rose in September in a Still-Tight Labor Market (Read) What Are I Bonds? Everything You Need to Know to Earn Nearly 7% Interest (Read) Government Climate Funding Pushes Private Sector to Make Good on Promises (Read) |
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4. Amazon is extending a full catalog of ad-free music and podcasts to Prime members. |
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People who pay the $139 annual membership fee will gain access to 100 million songs, up from 2 million. The additions come as competitors increasingly bundle entertainment with other services. Amazon holds on to about 98% of Prime customers who have subscribed for at least two years, but growth in signups to the service has stagnated. |
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Why Google Plays Down Its Ad-Tech Business but Is Determined to Keep It (Read) YouTube Launches Streaming-Service Store as Competition Intensifies for Viewers (Read) Disney to Offer Toy and Merchandise Deals via Disney+ App (Read) |
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5. The Russian retreat in Ukraine has exposed collaborators and started the finger-pointing. |
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Many Ukrainians thought the occupiers were there to stay, so they picked the survival strategy they thought would work best—fighting back or actively supporting Moscow’s troops. Meanwhile, utility crews across Ukraine worked to restore electricity and water supplies after Russian missile strikes. |
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🎥 Russian Oil Is Fueling American Cars Via Sanctions Loophole (Watch) Ukraine Keeps Shipping Grain, Defying Russian Military Threat (Read) Russian Oligarch and Putin Critic Renounces Citizenship Over Ukraine War (Read) |
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