zerohedge @zerohedge
Top Overnight News
Trump is expected to announce as early as Monday a general framework to address healthcare costs, proposed legislation would eliminate zero premium subsidies currently offered under the ACA, according to MS NOW. It was later reported that US President Trump is to sign an executive order on Monday at 4:00pm EST.
Bessent said they are seeing prices get better and will see an announcement this week on healthcare costs, while he added that inflation is up because of services, not imported goods. Bessent said he expects some prices to come down in weeks and others in months. Furthermore, he said that Republicans should end the filibuster if Democrats close the government again, while he noted the government shutdown caused a $11BN permanent hit to US GDP.
Trump's DOGE (Department of Government Efficiency) has disbanded with eight months left to its mandate.
Texas officials asked the US Supreme Court to allow a pro-Republican electoral map that a lower court blocked.
JPMorgan Chase (JPM), Citi (C) and Morgan Stanley (MS) are among those that have been notified by SitusAMC that their client data may have been taken: NYT.
Japan reaffirmed plans to deploy missiles on an island near Taiwan as tensions smolder with China. BBG
China unveiled details of a global mining initiative with 19 nations in an apparent response to US efforts to rally allies for an alternative rare earth supply chain. BBG
Early signs on Japan's annual wage negotiations for next year point to another round of solid pay hikes despite profit pressure from U.S. tariffs, bolstering the case for the BoJ to raise interest rates further. RTRS
German business confidence unexpectedly dipped this month, Ifo’s expectations index showed. Expectations component coming in at 90.6 for Nov, down from 91.6 in Oct and below the consensus forecast of 91.6. BBG
US and Ukraine officials say they made progress in peace talks over the weekend, although neither side provide much detail on how the blueprint had evolved from last week’s initial draft. NYT
Scott Bessent told NBC’s Meet the Press that the Trump administration is working on bringing down US health-care costs and an announcement is planned for this week. BBG
The Trump administration is working on fallback options in case the Supreme Court strikes down one of his major tariff authorities, looking to replace the levies as quickly as possible. They are studying alternatives, including Section 301 and Section 122 of the Trade Act, which grant the president unilateral ability to impose duties, but these replacements come with risks and could face their own legal challenges. BBG
President Trump said this week he expects much lower interest rates once he can install a new Federal Reserve chair next May. Growing opposition to a December rate cut inside the central bank suggests he might not get his way. WSJ
The bond market is straining to absorb a flood of new bonds from tech companies funding their artificial intelligence investments, adding to the recent pressure in markets. Since the start of September, so-called AI hyperscalers Amazon, Google, Meta, and Oracle have issued nearly $90 billion of investment-grade bonds, according to Dealogic, more than they had sold over the previous 40 months. WSJ
Hedge funds and mutual funds both currently favor Health Care and Industrials. Hedge funds increased their net tilt to Health Care last quarter by 260 bp, the largest increase among sectors. Goldman
https://x.com/zerohedge/status/1992945163375632392