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All eyes are on minutes of the Federal Reserve’s November meeting, which are expected to show the extent of consensus over the higher peak for interest rates. Earlier this month, Chair Jerome Powell told reporters that rates would probably have to go higher than the central bank’s quarterly projections in September, which showed a peak of  4.5% to 4.75% . Investors see rates topping out at around 5% next year, according to pricing in money markets.  This week last year, Powell’s commentary signaled a massive sea change in monetary policy. 

The trend of layoffs in the tech sector continues. The axe is falling at HP. And while it might be a slow, prolonged cut, it's going to be noticeable nonetheless. HP's announcement that it will shed between 4,000 and 6,000 jobs by the end of its 2025 fiscal year wasn't something that Chief Executive Enrique Lores was happy to disclose after Tuesday's market close.  It’s early days, but this very well may be the White Collar recession: Wage growth data indicates that highest wage earnings saw the largest decline in real wages, whereas lowest earners’ wage growth largely matched inflation.  Monthly new job postings in communication services and tech are down 63% and 47%, respectively.

The shareholders of embattled bank Credit Suisse have approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender’s massive strategic overhaul. The new share offering will see the Saudi National Bank take a 9.9% stake in Credit Suisse, making it the bank’s largest shareholder.  The bank posted a loss of $1.6bn in the 3rd quarter.

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