Retail sales decline:Â Retail sales for November in the U.S. declined 0.6% from October, according to a Commerce Department report released this morning. The sales totaled $689.4 billion. Despite the month to month decline, November’s sales were 6.5% higher than the sales that took place in November 2021.
More interest rate hikes likely:Â Federal Reserve Chairman Jerome Powell indicates that the Fed will continue raising interest rates through 2023. Powell spoke at a news conference yesterday afternoon shortly after the Fed announced another one-half point hike in interest rates. The Fed is using interest rates hikes as a tool to try to tame inflation and bring it down to about 2% a year from the current 7.1%. Powell said, “Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run. The historical record cautions strongly against prematurely loosening policy.”
Russia warns U.S.:Â Russia today issued a warning to the U.S. not to go ahead with plans for the U.S. to supply anti-missile missiles to Ukraine. The Kremlin said that if the U.S. gives the Patriot defensive missile systems to Ukraine any U.S. servicemen who are sent to Ukraine to train Ukrainians in their use would become targets for the Russian military.
Biden pledges aid to Africa:Â At a summit meeting of African leaders held in Washington, President Biden pledged billions of dollars in aid to help build Africa’s future. Biden said that the U.S. is pledged to helping African nations build their infrastructure, business, technology and public health.
Musk sells more Tesla stock:Â According to filings this week with the Securities and Exchange Commission, Tesla head Elon Musk has sold at least $3.95 billion of his shares of Tesla stock since he bought Twitter for $44 billion. That’s on top of about $15 billion in Telsa stock that Musk previously sold. Tesla stock dropped more than 60% in value during 2022.
DePape trial:Â At a preliminary hearing in San Francisco yesterday, a police investigator testified that David DePape, the man accused of attacking Paul Pelosi, husband of House Speaker Nancy Pelosi, said he was looking to attack Nancy Pelosi because she was in line for the presidency after the vice president. A judge ruled that there is enough evidence to proceed with putting DePape on trial for the attack.
Cover photo courtesy of The White House
