The Fed Pivots, BOE & ECB Decisions, Biden Impeachment Inquiry

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) The Federal Reserve held interest rates steady for a third meeting and gave its clearest signal yet that its aggressive hiking campaign is finished by forecasting a series of cuts next year. (2) Virtually no corner of financial markets was left out of Wednesday's cross-asset advance: Global shares spiked higher. Front-end Treasuries posted their best day since March. World currencies surged against the dollar and corporate bonds rallied. (3) Traders have ramped up bets on interest-rate cuts by the Bank of England next year after soft GDP data reinforced the view that policymakers won't be able to keep monetary policy tight for so long. (4) Today's European Central Bank decision is also being watched for how forcefully policymakers push back against bets on interest rate cuts. (5) Republicans in the US House voted Wednesday to formally authorize an impeachment inquiry into President Joe Biden, escalating a probe that has been underway for several months. See omnystudio.com/listener for privacy information.