Slower rate hikes, holiday deals

WASHINGTON (AP) – A majority of Federal Reserve officials at their last meeting favored reducing the size of their interest rate hike “soon” — raising their benchmark rate substantially by three-quarters of a point for the fourth straight time. Earlier Central bank policymakers saw “little sign that inflationary pressures were abating.” Still, a “substantial majority” of officials felt that a smaller rate hike “soon would be appropriate,” according to the minutes of their November 1-2 meeting. The Fed is widely expected to raise its key short-term rate, which affects many consumer and business loans, when it next meets in mid-December.

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$740M in crypto assets recovered so far in the FTX bankruptcy

NEW YORK (AP) — The company tasked with liquidating assets at failed cryptocurrency exchange FTX said they have so far managed to recover and secure $740 million in assets, a fraction of the potentially billions that could go bankrupt. The company is likely to disappear from the coffers. , The numbers were revealed on Wednesday by cryptocurrency custodial company BitGo, which hired FTX within hours after the company filed for bankruptcy on Nov. 11.

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