1/ House Democrats elected Hakeem Jeffries to lead their caucus – the first Black person to lead a major political party in Congress. Jeffries succeeds Nancy Pelosi, who has led the Democrats for two decades and announced earlier this month that she would remain in Congress, but not run for the leadership post. Also elected to lead House Democrats in the next session of Congress include Katherine Clark as whip, and Pete Aguilar as the chairman of the party caucus, in charge of messaging. (NPR / Associated Press / New York Times)

2/ The House voted to force a labor contract between rail workers and rail companies, which tens of thousands of union workers had voted down because it didn’t include paid sick leave, which they currently don’t receive. In addition to the bill to codify the tentative contract agreement reached earlier this year, the House voted to add seven paid sick days to the contract. The Senate, however, still needs to consider both of the bills, making it possible that the labor contract could be imposed without the sick leave addition. Without congressional action or an agreement between unions and rail companies, a nationwide freight rail strike could begin as early as December 9, which would cost the U.S. an estimated $2 billion per day. (NPR / Associated Press / Politico / New York Times / CNBC / Wall Street Journal)

3/ Jerome Powell indicated that the Federal Reserve could begin to slow its interest rate increases, but will probably keep borrowing costs higher for longer than previously expected. The Fed has lifted interest rates from near-zero to a range of 3.75 to 4% since March. At each of its last four meetings alone, the central bank has increased rates by an unprecedented 0.75 basis-points aimed at combating high inflation – its the most aggressive action since the 1980s. The Fed is on track to raise interest rates by a half percentage point at its December meeting, and markets now expect rates to eclipse 5% next year. “It is likely that restoring price stability will require holding policy at a restrictive level for some time,” Powell said. “History cautions strongly against prematurely loosening policy. We will stay the course until the job is done.” (Washington Post / Bloomberg / Wall Street Journal / CNBC /