On today's podcast:
1) Global stocks are poised for their worst week in seven months as concerns over lofty valuations and whether massive investments in artificial intelligence will pay off prompt investors to retreat from riskier assets. The MSCI All Country World Index has slumped 3.1% this week, putting it on track for its sharpest weekly drop since April 4, when President Trump’s tariffs rattled markets. Bitcoin fell below $84,000, extending its drop from an all-time high less than seven weeks ago to more than 30%. European and Asian shares were also set for their biggest weekly decline since April after Wall Street’s Thursday selloff. Sentiment remained fragile for US assets, with S&P 500 futures fluctuating after the benchmark slipped to its weakest level since September.
2) Philadelphia Fed President Anna Paulson said she’s approaching next month’s rate-setting meeting with caution, though she remains more concerned about weaknesses in the job market. “Each rate cut brings us closer to the level where policy flips from restraining activity a bit to the place where it is providing a boost. So, I am approaching the December FOMC cautiously,” Paulson said Thursday, referring to next month’s gathering of the Federal Open Market Committee. “Each rate cut raises the bar for the next cut.” Deep divisions have emerged among policymakers after they lowered rates at two consecutive meetings. Some remain concerned more by weakness in the labor market while others have expressed growing worry over inflation. The lack of official data during the long government shutdown has also blurred policymakers’ view of the economy.
3) President Trump and New York City Mayor-elect Zohran Mamdani are set to meet at the White House on Friday, the president said in a social media post. The meeting marks the first time the two leaders will come together to discuss how they can work with each other since the election earlier this month. Mamdani was elected as mayor of New York City after campaigning on a progressive platform that includes freezing the rent on more than 1 million stabilized apartments, providing universal child care, funding free buses and operating city-owned grocery stores. Mamdani, a democratic socialist, is seeking higher taxes on corporations and the wealthy to pay for his agenda.

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