The consumer price index, a broad-based measure of goods and services costs, rose just 0.4% for the month and 7.7% from a year ago. That was its lowest annual increase since January. Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected. Stocks are surging higher as yields fall.
Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of bankruptcy. The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a nonbinding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was valued at $32 billion by private investors. In a laughable bit of Irony, FTX founder Sam Bankman-Fried lobbied Congress disparaging the existing banking system having now been revealed as the greatest swindler since Bernie Madoff.
On Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled. CEO Ethan Brown called the results “disappointing” in the press release. Shoppers are skipping Beyond’s burger, sausage and chicken substitutes. Shares are down 80% YTD.