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The Fed is deeply divided, and it won’t have full October data. Central bankers cut interest rates last month, but they were split over whether to focus on the weak job market or inflation—and over whether more cuts will be necessary going forward, minutes from the Fed’s last meeting show. That leaves the outlook for whether they’ll opt for another cut in December murky. And Jerome Powell and co. won’t have all the data when making the decision: Yesterday, the Bureau of Labor Statistics said it won’t publish a full jobs report for October due to the government shutdown. Instead, it’ll include some information about the labor market in October with its November report, but it won’t have an unemployment tally, as the information “could not be collected.” It also delayed the November data drop until six days after the Fed’s December meeting.
President Trump signed the bill requiring the Epstein files’ release. The legislation signed by the president yesterday obliges the Department of Justice to release all files and communications related to the late sex offender Jeffrey Epstein, including information about the investigation into his death in prison, within 30 days. Trump could have released this information without Congress; however, he opposed the legislation, which divided his party. He abruptly pivoted over the weekend to say that Republicans should support it—after which the bill passed with near-unanimous bipartisan support. In announcing he had signed the bill, Trump characterized the issue as something Democrats used “to try and distract from our AMAZING Victories.”
Target still not hitting the bull’s-eye. The big-box chain’s struggles continued last quarter, with Target reporting yesterday that sales continued to slump, marking the 12th quarter in a row with weak or declining sales. The company’s stock is down nearly 35% for the year. But incoming CEO Michael Fiddelke plans to boost investment next year to $5 billion to improve stores, digital offerings, and merchandise in hopes of turning things around. “If you’re frustrated with our recent performance, we are too,” Fiddelke told analysts.—AR
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