(Bloomberg) — Asian shares were poised for a tepid opening as traders await key US inflation data for clues on whether the Federal Reserve will cut or hold rates next week. Sydney stocks edged lower and futures for Tokyo’s benchmark were slightly down, while Hong Kong shares were set for a steady open. S&P 500 contracts were little changed on Wednesday following small moves in the US, where stocks fell and bond yields rose in the run-up to the consumer price index data. “Animal spirits take a breather ahead of CPI,” said Jose Torres at Interactive Brokers. “US stocks are stalling near all-time highs as investors await this year’s final CPI report, which is expected to reflect another increase in the annualized headline figure.” Wednesday’s CPI will offer Fed officials a final look at the pricing environment ahead of their next meeting. Any indication that progress has stalled could well undercut the chances of a rate cut. For now, swap trading projects an 80% chance of a quarter-point Fed reduction this month. The market is pricing in the smallest implied reaction to CPI since 2021, according to Bank of America Corp. strategists, who argue the readout will matter more this time. “A softer print can clear the path for a year-end rally, with the second half of December being the second strongest period of the year,” a team led by Ohsung Kwon said. “On the contrary, a firmer print can revamp volatility,” particularly after the post-election rally. The S&P 500 and Nasdaq 100 both slipped 0.3%. Treasury 10-year yields rose three basis points to 4.23%. The Bloomberg Dollar Spot Index added 0.1%. CPI figures on Wednesday are expected to show a fourth straight 0.3% increase in the consumer price index excluding food and fuel. The data will be the last major inflation data point before the Fed’s final policy meeting of the year. China is set to begin its annual economic work meeting on Wednesday to map out policies for next year, with traders emboldened by the strongest stimulus signals from its top leaders in years. President Xi Jinping said on Tuesday that Beijing is fully confident in achieving its economic growth target this year. China may raise its budget deficit to the highest in three decades and make the deepest interest-rate cuts since 2015, according to economists. At least seven Chinese brokerages forecast that next year’s fiscal deficit target could reach 4% of gross domestic product, the widest since a major tax reform in 1994. Beijing has historically kept its budget deficit ratio at or below 3%. Meanwhile, the bid by Nippon Steel Corp. to buy United States Steel Corp. looks to be entering its endgame, with President Joe Biden to formally block the $14.1 billion sale on national security grounds once the deal is referred back to him later this month, people familiar with the matter said. Corporate Highlights: Key events this week: Some of the main moves in markets: Stocks Currencies Cryptocurrencies Bonds Commodities This story was produced with the assistance of Bloomberg Automation.
3 reasons to involve your kids in Small Business SaturdayIt’s an abiding promise of newly elected American presidents: The executive branch henceforth will be liberated from the perils of waste, fraud and abuse. President-elect Donald Trump, in his contribution to the canon, has announced he’ll create the Department of Government Efficiency, led by tech impresarios Elon Musk and Vivek Ramaswamy. The aim, Trump says, is to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” There’s reason to be skeptical about Trump’s ambitions for this body. And many previous efforts along these lines — from the Truman Committee to Al Gore’s “reinventing government” initiative — have failed to tame the federal leviathan. But the goal of getting taxpayers better value for their money remains eminently desirable. As a start, any effort of this kind requires setting achievable goals — and Musk and Ramaswamy have already emphasized a good one. They want to get federal workers back to the office. Long after the pandemic, government buildings are still conspicuously underpopulated. In his 2022 State of the Union address, President Joe Biden called on federal workers to return to their offices, and his administration has periodically urged people back to their desks, but with little apparent effect. A recent report on telework arrangements at four agencies found that one (the Veterans Benefits Administration) has failed to collect the data it needs to manage the system effectively, and that the other three (the Farm Service Agency, the Internal Revenue Service and U.S. Citizenship and Immigration Services) haven’t evaluated telework’s effects on performance. There’s little here to allay taxpayers’ suspicions that absence from the office means less work being done. What taxpayers should expect from public services would, more generally, be a good focus for DOGE’s efforts. The client-facing aspects of the U.S. government badly need attention. Whether it’s filing taxes, claiming benefits, buying savings bonds from TreasuryDirect, securing licenses and permissions, or dealing with regulators with overlapping jurisdictions, effective customer service rarely seems to be a priority. Entrepreneurs like Musk and Ramaswamy don’t need to be told why this matters. As important as this mission is, however, voters should be realistic. Musk once said he aimed to cut “at least $2 trillion” from Biden’s proposed $6.5 trillion-a-year budget. On the face of it, such a claim isn’t credible: It would mean cutting all spending, including defense, Medicare and Social Security, by a third. Trump has already promised to protect the main entitlement programs. Regardless of who’s in charge, even modest cuts in such spending are politically perilous. The savings from thinning the federal workforce, as Musk and Ramaswamy have advocated, are trivial when set against the biggest outlays. Another concern is that both men may have conflicts of interest and, as outside advisers, may not be subject to normal disclosure rules. For their effort to work, they’ll need to be forthright with the public about their financial involvements. Ideally, DOGE would aim to strengthen and broaden the audit powers that currently reside with the Government Accountability Office (which advises Congress) and the Office of Management and Budget (a branch of the White House). To the general public, these existing functions are all but invisible and lack teeth: Too often, reports are issued and little if anything happens. DOGE could improve this oversight by publicizing opportunities to make government work better — by highlighting the real waste, duplication, underperformance and poor customer service that the existing audit systems let slide, as well as recommending changes. Set up that way, DOGE can promote accountability as well as transparency. But to succeed, its leaders will need to know what they’re talking about and command credibility with taxpayers. Musk and Ramaswamy should be commended for their ambition. They should also remember that fixing the government is an incredibly arduous task — and making ridiculous promises doesn’t help. — Bloomberg News
(BPT) - Has it been a while since you purchased a new TV? You might be surprised by how far TV technology has come since you bought your last set! Today's smart televisions offer dramatic improvements in picture quality and home screens that are far easier to navigate. Plus, they come with a host of cool features like voice control that you may not even know about. It's time to discover what you've been missing — and if you're asking yourself where to start, the Fire TV Buyer Insights Report can help. This independent study surveyed over 2,000 recent purchasers of smart TVs to learn everything from where they did their product research to why they decided to buy. With the holidays almost upon us, the insights in this report can help guide you as you kick off your seasonal shopping. Whether you're buying a gift, hosting a holiday gathering or looking for the perfect game-day screen, read on to find the best TV for your needs. How do you find the right TV? Here's how recent purchasers did it. When it comes to buying a new TV, there are several factors you'll want to consider, starting with who's going to be using it. The study found that spouses (36%), kids (13%), and even grandparents (1%) were involved in the purchase process, so be sure to keep your home's audience in mind. Beyond that, you'll also want to think about: Room size Smart TVs range in size from a 32-inch screen all the way up to a whopping 100 inches or more. To determine the right screen size for your room, follow this guideline: Small rooms: 32"–43" screen Medium rooms: 43"–55" screen Large rooms: 55+" screen As for viewing distance, divide the screen's diameter by 8 to get the ideal viewing distance in feet. For example, a 32-inch screen should be watched from about 4 feet away, while you'll want to be about 8 feet away from a 65-inch screen. Usage How you plan to use your new TV should play a large part in your decision-making process. If you're always looking for the latest show or movie to watch, your smart TV should offer optimal access to the latest streaming services. Gamers will experience better play on a TV with a high refresh rate, while sports enthusiasts will want to watch the big game on a set with smooth motion handling. Connected TV experience One of the most important considerations is how you'll use TV. In the study, 83% of TV purchasers said that easy access to content was one of the things they liked best about their new TV. But beyond being an all-in-one source for entertainment, your smart TV should also play well with other smart home devices. For instance, Fire TV allows you to pair compatible devices seamlessly like video doorbells, smart home devices, and more. And with select models, Fire TV's Ambient Experience can turn the biggest screen in your home into a beautiful, always-on smart display rotating through beautiful art, personal photos, and glanceable information like calendars and reminders. Knowledge is power Before you land on the perfect TV, you'll need to do a little research first. The study found that only 12% of shoppers bought their TV on an impulse, while 65% engaged in some form of product research. Most (82%) respondents conducted some or all of their research online for instant access to smart TV reviews and feature comparisons. In fact, over half of respondents who searched online mentioned digital retailers like Amazon as a great source for honest ratings and buyer reviews. Timing is everything According to the study, the time from research to purchase takes about two weeks, so plan ahead — especially if you're thinking about giving a TV as a holiday gift. There are also some great deals available during this time of year, so keep an eye out for sales and promotional offers. The big picture A new TV is a big purchase, so don't make it an impulsive one. Take the time to do your research and remember that everyone takes a different path to finding the perfect TV. Whether your search begins online, offline, or with a mix of both, it will end with a next-level viewing experience that's just right for the way you watch.I am an unabashed admirer of President Joe Biden. He has done a remarkably good job for the American people. But I am deeply disappointed by . I respect and admire the president’s devotion to his son and feel great sympathy for the Shakespearian dilemma he faced ahead of Hunter’s sentencing. This is a president who has made devotion to duty and . Thus, pardoning Hunter can be viewed as the understandable act of a loving father, especially one worried about a . But I still think it was the wrong decision. Biden’s choice gives credence to that justice under his predecessor was tainted by favoritism toward his friends and animus toward his political opponents. Trump’s spokesperson, Steven Cheung, . “The failed witch hunts against President Trump,” he said in a statement, “have proven that the Democrat-controlled DOJ and other radical prosecutors are guilty of weaponizing the justice system. That system of justice must be fixed... which is exactly what President Trump will do as he returns to the White House with an overwhelming mandate from the American people.” Trump followed suit on Truth Social: “Does the Pardon given by Joe to Hunter include the J-6 Hostages, who have now been imprisoned for years? Such an abuse and miscarriage of Justice!” This should be seen for what it is: an effort to tee up to grant clemency to the people who tried to prevent the peaceful transfer of power. Nothing Hunter was accused of doing compares to that. And I also believe there is credence to the president’s claim — echoed by legal analysts like Joyce Vance — that Hunter was singled out because of his family. Indeed, it looked for a time that serious punishment, as others in his situation typically do. That plea deal fell apart, however, and Hunter was ultimately convicted on three felony charges related and for the lie he told “on a mandatory gun-purchase form by saying he was not illegally using or addicted to drugs.” That trial featured, what the AP called, “deeply personal testimony from former romantic partners and embarrassing evidence such as text messages and photos of Hunter Biden with drug paraphernalia or partially clothed.” Still, the president stood by his son. A few hours after the verdict in the Delaware case, the president . It was a courageous and admirable thing for a father to do. At the time, Biden made clear that he was torn between his role as president and as Hunter’s father. “I am the President, but I am also a Dad,” . But it seemed he had resolved that tension by leaning into his presidential duties and putting the interests of the nation first. Even before the verdict, the president had volunteered that “he would not pardon his son Hunter.” When ABC’s David Muir asked him if he “would rule out a pardon for Hunter,” Biden said “yes.” One week later, that “I will not pardon him,” and Jill Biden also . Then, in September, Hunter appeared in a federal court in Los Angeles to face charges of three felony tax offenses and six misdemeanor tax offenses. He pled guilty. Hunter was due to be sentenced in Delaware on Dec. 12. He could have faced up to 25 years in prison, “though as a first-time offender he likely would not have gotten anything like that or even been sentenced to prison.” Three days later he was to return to Los Angeles where faced a maximum penalty of 17 years in prison. Meanwhile, the White House continued to insist that the president would not pardon him. Fox News notes that between July and November, White House press secretary Karine Jean-Pierre . All the while, , Biden had “discussed pardoning his son with some of his closest aides at least since Hunter Biden’s conviction in June.” Those reports indicate that “it was decided at the time that he would publicly say he would not pardon his son, even though doing so remained on the table.” This is hardly a reassuring note for the president’s supporters. Last night’s pre-emptive act of mercy covers any offenses Hunter Biden has “committed or may have committed or taken part in during the period from January 1, 2014, through December 1, 2024.” Notably, the pardon only applies to federal charges; it does not preclude Trump’s allies at the state level from bringing charges. Still, this decision feels unprecedented. While other presidents , this is the first time any commander in chief has granted clemency to their child. In his statement about the pardon, the president that Americans “will understand why a father and a President would come to this decision.” I do understand why Joe Biden, who so would do what he did. But understanding it does not make it right. In the end, this is a gift to Donald Trump, and a blow to whatever confidence Americans in our political and legal institutions. It risks feeding what I fear is a growing cynicism about politics and their . Democrats still have not recovered from Trump’s election, and this makes them look like hypocrites as they . Loyalty, it turns out, matters to Biden too.