Nov 18, 2022
Welcome back to our Weekly Digest. Read on for the latest updates.
Fed hints that it may soon slow interest rate hikes
Federal Reserve Vice Chair Lael Brainard indicated Monday that the central bank could soon ease up on its aggressive interest rate hikes, saying that it may soon be appropriate to move to a slower pace.
Stock market steadies as the week opens
The S&P 500 and the tech-heavy Nasdaq suffered only minor losses on Monday. Comments from Federal Reserve Vice Chair Lael Brainard left traders feeling optimistic that the central bank was about to ease up on aggressive interest rate hikes.
OPEC cuts demand growth forecast again
OPEC cut its forecast for 2022 oil demand growth for the fifth time since April, citing mounting economic challenges, including high inflation and rising interest rates.
Homeowners choosing to renovate instead of move
Because of rising interest rates, many people looking to buy a new home are instead deciding to stay put and renovate. Although construction and materials costs are also higher, renovation is still a more budget-friendly option than taking out a mortgage at a much higher rate.
Disney announces upcoming major layoffs
Following in the footsteps of Twitter and Meta, the Walt Disney Company announced this week that it will be initiating a series of layoffs and other cost-cutting measures.
Mass layoffs at Amazon starting as soon as this week
It seems that nobody is immune to current economic conditions, with Amazon also announcing they will be laying off about 10,000 workers across departments.
Jeff Bezos announces he will give away most of his fortune worth over $124 billion
He started by awarding Dolly Parton, who is well-known for funding worthy causes, $100 million to donate as she sees fit. A fund to fight climate change is also in the works.
No more free lunches at Twitter
Elon Musk said that the average meal cost $400 per person – a claim that the former head of the meal program refuted on Twitter. The cut comes days after Musk scrapped Twitter's work from home policy and mandated employees to return to the office for at least 40 hours a week.
Funds vanish from crypto exchange
FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy on Friday. Hours later, US$477 million was missing from the exchange. A probe is underway.