Today's Top Stories

  • Fed raises benchmark interest rates again by three-quarters of a percentage point
  • Meta is cutting staff amid shrinking revenue, but don't call them "layoffs" 
  • Rumor has it FTX is raising up to $1 billion for more deal-making this crypto winter

Econ Bytes

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Fed Raises Rates by Another Three-Quarters of a Percentage Point


On Wednesday, the Federal Reserve raised benchmark interest rates by three-quarters of a percentage point, signaling it will continue to hike rates well above the current level. Following the Fed's meeting, chairman Powell noted his "main message has not changed" and that "the FOMC is strongly committed to bringing inflation down to 2%." The Fed has engaged in its most aggressive tightening since 1990. With Fed officials indicating an endpoint for the funds level of 4.6% in 2023, we're likely looking at a quarter-point rate hike next year with no decreases. Of course, no one knows whether this tightening will lead to a recession, but economic projections see inflation falling back to the Fed's 2% goal by 2025.


Tech Bytes

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Meta Quietly Reduces Staff in Cost-Cutting Push


Meta is cutting staff and reorganizing to cut costs, but the company doesn't want these changes referred to as "layoffs." So far, we don't know the exact number of Meta employees impacted, but workers are reportedly being given a 30-day window to apply to new jobs within the company. This isn't exactly coming out of the blue as Meta has long signaled a future reduction in staff amid shrinking revenue. CEO Mark Zuckerberg is vocal about the "serious times" the company is facing, and the extensive cuts it's willing to take to come out on top.


Notable Decliners

  • Take-Two (TTWO) -3.1%
  • Cisco (CSCO) -2.3%
  • Arista Networks (ANET) -0.3%




  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

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FTX in Talks to Raise up to $1 Billion at Valuation of About $32 Billion


Sam Bankman-Fried's FTX is in talks to raise up to $1 billion in new funding. Although all discussions are confidential, we know FTX has tried to bill itself as the market consolidator during this crypto winter. Any fresh capital, then, would likely go towards more deal-making. After all, rumor has it FTX was also trying to buy Robinhood on top of its deals with Bithumb and BlockFi. The crypto market is still down, of course, but if/when it does rebound, FTX is poised to capture a massive profit.


Notable Gainers

  • Celsius (CEL) +8.03%
  • Algorand (ALGO) +7.40%
  • Ravencoin (RVN) +4.90%
  • Chiliz (CHZ) +4.36%
  • Uniswap (UNI) +3.94%



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