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• The deadline is approaching for prosecutors to file fraud chagres related to $43 billion in pandemic aid spending.
• Senator Joni Ernst says her Democratic counterpart is blocking a bill to give them five more years.
• Watchdogs previously flagged the Shuttered Venue Operators Grant and a restaurant bailout fund.

The top Republican on the Senate Small Business Committee said Democrats are blocking a measure to give federal prosecutors more time to investigate bailouts for restaurants and the live-entertainment industry.

Senator Joni Ernst said Senator Ed Markey is holding up her bill that would give investigators until at least 2031 to file charges for defrauding the $28.6 billion Restaurant Revitalization Fund or the $14.5 billion Shuttered Venue Operators Grant program.

“We are not getting a lot of cooperation coming from our Ranking Member, Markey, and the Senate Democrats,” Ernst told Business Insider. “I’m not very optimistic that it’s going to happen, and it’s very, very frustrating.”

Markey’s office declined to respond to a request for comment.

Less than two weeks remain for the Senate to pass the legislation, which would enable the bill to move to the president’s desk and possibly be signed into law.

It’s not clear whether Ernst has formally sought unanimous consent to pass the statute-of-limitations extender bill because the process can take place informally, off the Senate floor. It’s possible the measure could be passed next year, though the deadline to prosecute some SVOG fraud cases could lapse as soon as April 8.

Business Insider documented how over $200 million from the SVOG program went to celebrities who used taxpayer money for private jets, lavish parties, luxury clothes, and other questionable spending.

Investigators haven’t accused any of those recipients of wrongdoing, and most of the grants discussed in BI’s stories were closed out by the Small Business Administration.

Mike Galdo, a former prosecutor who focused on pandemic fraud, said the bill could give agents, analysts, and prosecutors more time to build cases.

“Given some of the ambiguity in the language in the SVOG statute and regulations, as well as enforcement priorities other than fraud taking center stage for this Administration, it is unclear how many additional SVOG-related enforcement matters will be brought,” he said in an email.

Ernst said Democrats preferred to “rant and rail” against President Donald Trump. At a committee hearing for SBA matters on December 10, Markey accused Republicans of waging “an all-out assault” on an SBA program that sets aside billions of dollars in federal contracts for small businesses owned by women and racial and ethnic minorities.

Christmas crunch time in Congress

A similar bill to extend the statute of limitations for the SVOG program and the restaurant fund has already passed the House of Representatives with bipartisan support.

Both Ernst and Markey have pointed fingers across the aisle for delaying their legislative priorities. Ernst yesterday sought unanimous consent to pass a bill that would have clawed back more than $65 billion in unspent COVID relief funds, a measure that was blocked by Senator Ron Wyden, an Oregon Democrat. And Markey blamed Republicans for blocking a one-year extension of two programs that dole out billions in grants to tech-oriented small businesses.

Representative Gil Cisneros, a Democratic congressman from California, said earlier this month that the SBA’s inspector-general has 31 open Restaurant Revitalization Fund cases and six open Shuttered Venue Operators Grant cases.

A spokesman for the SBA’s inspector-general’s office didn’t respond to a request for comment about those numbers.

The two programs cut checks of up to $10 million meant to support businesses that had been hard-hit by the COVID-19 pandemic in 2020 and 2021, as waves of the deadly virus and government stay-at-home orders led businesses dependent on in-person gatherings to struggle.

Government auditors faulted the SBA over its internal controls, and the combined total of fraud and waste in those and other pandemic programs may exceed $400 billion. Prosecutions have barely scratched the surface compared to the scale of the suspected fraud, but some misspent money could also be recovered through administrative actions or civil lawsuits.

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Linkin Park’s From Zero World Tour continues with a global slate of shows extending into 2026, supporting the band’s long‑awaited 8th studio album From Zero. The tour was officially announced on September 5, 2024, when Linkin Park revealed their comeback, introduced new co-lead vocalist Emily Armstrong of Dead Sara and new drummer Colin Brittain, and shared the lead single, “The Emptiness Machine.”

This marks Linkin Park’s first full world tour in seven years and their first without former front man Chester Bennington, who tragically died in 2017.

If you’re looking to catch a piece of the action and see Linkin Park live this year, we’ve got you covered. Here’s our breakdown for how to get tickets for Linkin Park’s 2025 From Zero World Tour, as well as their festival appearances. This will include information on Linkin Park’s tour schedule, purchasing details, and price comparisons between tickets. You can also look at ticket details at your leisure on StubHub and Vivid Seats.

• See also: Is StubHub legit? | Bon Jovi tickets | AC/DC tickets | Iron Maiden tickets | No Doubt tickets | The Strokes tickets | Yungblud tickets

Linkin Park’s 2025 tour schedule

Linkin Park’s From Zero World Tour spans multiple continents with dates scheduled well into 2026. The global trek follows the band’s 2024 reunion and live return, with shows across North America, Europe, Asia, and Latin America. In 2026, the tour continues with international stops including the Middle East, India, Australia, and a European leg that runs through stadiums and festivals in Sweden, Germany, Austria, Spain, Italy, and Switzerland through late June. The run also includes high-profile festival appearances, such as Download Festival and Rock in Rio Lisboa, providing fans around the world with numerous opportunities to see Linkin Park live.

International

* Indicates a music festival Linkin Park will be performing at, in addition to several other artists.

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How to buy tickets for Linkin Park’s 2025 concert tour

Original tickets for Linkin Park’s From Zero World Tour are available for purchase on Ticketmaster. Tickets can also be purchased from verified resale vendors such as StubHub and Vivid Seats. As the demand for each show varies by location and performance date, you may find better options from resale vendors if you are looking for a specific seating location or are interested in attending a high-demand event.

How much are Linkin Park tickets?

Ticket prices for Linkin Park’s From Zero World Tour in 2025 and 2026 vary widely depending on the city, venue, and whether tickets are purchased through official sources or secondary marketplaces. Official tickets for tour stops are available through Ticketmaster, as long as they are still in stock. General-admission and standard seats start at different price points, based on demand and location. Verified resale platforms, such as StubHub and Vivid Seats, also list tickets, often at higher prices due to limited availability and market demand.

On resale marketplaces, the lowest secondary-market prices typically appear for less-in-demand international stops, while larger US and European shows command higher rates. For example, resale listings on StubHub show some 2025 dates with lower prices compared to high-demand stops later in the tour, and Vivid Seats currently shows resale prices starting around the mid-hundreds for select 2026 European dates.

In addition to standard tickets, many Linkin Park tour stops offer VIP packages through Ticketmaster and partner sites. These may include perks such as early entry, exclusive merchandise, premium seating, and VIP-only experiences. Popular VIP tiers for the From Zero World Tour have ranged from mid-hundreds to higher-end pricing, depending on inclusions and venue, and actual costs can vary by market and availability. Always check the specific event page on Ticketmaster for the most accurate pricing and VIP options before buying, as packages can sell out quickly.

Who is opening for Linkin Park’s tour?

Linkin Park’s From Zero World Tour has announced several opening acts for select performances, including Queens of the Stone Age, Spiritbox, AFI, Architects, Grandson, Jean Dawson, JEPG Mafia, and Pvris.

Will there be international tour dates?

There are currently 22 international Linkin Park tour dates scheduled, including festival appearances and tour stops on the From Zero World Tour. These dates span South America and Europe, extending through June 2026. Additionally, Linkin Park is scheduled to make a stop in Vancouver, Canada, on September 21, 2025.

Who is the new Linkin Park singer?

Linkin Park announced on September 5, 2024, during a livestreamed concert, that Emily Armstrong would join Linkin Park as a co-vocalist, replacing Chester Bennington, who tragically died in 2019. Emily Armstrong, previously the lead vocalist of the group Dead Sara, began collaborating with Linkin Park in 2019 during their six-year hiatus. Armstrong has been praised for her vocal abilities, which complement the established sound of Linkin Park. The group released “From Zero”, their first album with Armstrong as vocalist, on November 15, 2024.

• OpenAI said GPT-5.2, its latest model, is its best yet at doing “professional knowledge work.”
• In a benchmark test, OpenAI said it outperformed industry professionals in tasks across 44 occupations.
• GPT-5.2’s release comes just days after OpenAI CEO Sam Altman declared a “code red” in response to Google’s Gemini 3.

OpenAI released its anticipated update to GPT-5 on Thursday, boasting that the new AI is “the most capable model series yet for professional knowledge work.”

“We designed GPT‑5.2 to unlock even more economic value for people; it’s better at creating spreadsheets, building presentations, writing code, perceiving images, understanding long contexts, using tools, and handling complex, multi-step project,” the company said in a statement.

In a benchmark test called GDPval, OpenAI said its new AI model can outperform “industry professionals at well-specified knowledge work tasks spanning 44 occupations.”

“GPT‑5.2 Thinking produced outputs for GDPval tasks at >11x the speed and <1% the cost of expert professionals, suggesting that when paired with human oversight, GPT‑5.2 can help with professional work,” the company said.

And in a note that is sure to catch the attention of bankers, OpenAI wrote that in an internal benchmark of junior investment banking analyst spreadsheet modeling tasks — “such as putting together a three-statement model for a Fortune 500 company with proper formatting and citations, or building a leveraged buyout model for a take-private” — the new model’s score per task was “9.3% higher than GPT‑5.1’s, rising from 59.1% to 68.4%” on average.

OpenAI said that GPT-5.2 will begin rolling out today for paid ChatGPT plans. Paid users will have access to GPT-5.1 for three months under legacy models before it is sunsetted.

“We deploy GPT‑5.2 gradually to keep ChatGPT as smooth and reliable as we can,” the company said.

The company also touted its gains in agentic coding ability.

“Even without the ability to do new things like output polished files, GPT-5.2 feels like the biggest upgrade we’ve had in a long time. Curious to hear what you think!” OpenAI CEO Altman wrote on X.

The release comes just over a week after Altman declared a “code red” in a private message to employees, marshaling more resources to ChatGPT amid increasing competition from Google and other companies.

Google has been considered by many in tech to be gaining, if not surpassing, OpenAI in the AI race with its recent release of Gemini 3.

The announcement also occurred hours after OpenAI brokered a major deal with Disney, which secured a $1 billion investment and access to the media giant’s lucrative and popular IP.

“It has been a very cool last 10 years; OpenAI has been more special to work on than I could have possibly imagined,” Altman wrote on X on Thursday.

• Ahead of the premiere of her Eras Tour docuseries, Taylor Swift appeared on “The Late Show.”
• Swift said she values career longevity and admires artists who can “keep a good thing going.”
• Swift said she’s aware that some people would prefer her to “go away,” but she doesn’t want to.

Taylor Swift has been known to accept feedback from fans and critics, but there’s one request she refuses to heed: “Go away.”

Ahead of the premiere of her Disney+ docuseries, “The End of an Era,” Swift appeared on “The Late Show with Stephen Colbert” to discuss her recent achievements and milestones.

When Colbert asked Swift who she could turn to for advice, she listed rock star Stevie Nicks and pop producer Max Martin as confidants.

“What I look up to the most in people is career longevity — career longevity, friendship longevity, longevity in their relationships, you know? How do you keep a good thing going?” Swift said.

“I think there are certain corners of our society that really love that and look up to longevity,” she continued. “There are also corners that are like, ‘Give someone else a turn! Can’t you just go away so we can talk about how good you were?’ And I’m like, ‘I don’t want to.'”

Swift has faced accusations of overexposure throughout her career, but particularly in the last few years. Her cross-continental, 149-show Eras Tour, which concluded in December 2024, garnered extensive media coverage and consistently went viral on social media. The New Yorker said Swift had achieved “complete domination over popular culture.”

When Swift released “The Tortured Poets Department” halfway through the tour’s two-year run, fans and critics alike called the album overlong and overindulgent. When it topped the Billboard 200 for 17 weeks, fans of other artists complained that Swift was sabotaging her fellow pop stars, including Billie Eilish and Charli XCX, by preventing their albums from reaching No. 1 on the chart.

Swift’s newest album, “The Life of a Showgirl,” was met with similar reproach. In his review for The Atlantic, Spencer Kornhaber wrote, “‘Showgirl’ is the sound of an overworked and overexposed entertainer reaching the mountaintop to find something worse than disappointment: burnout.” Swift’s prolificacy and sales tactics have been described as shameless and excessive.

Still, Swift has refused to shrink away from the spotlight. The first two episodes of “The End of an Era” will be available to stream on Friday, along with an extended version of her Eras Tour concert movie, featuring a new segment with songs from “The Tortured Poets Department.” The remaining four episodes of the docuseries will be released in pairs over the next two weeks.

During her interview with Colbert, Swift also joked that she prefers to think of herself as “passionate” and “hyperactive,” rather than a workaholic.

“When I take time off, it’s always just like, I can’t slow down the fact that I need to get up and do a lot of things today. But I can change what those things are,” she said. “I can figure out how to chill out, but I’m never gonna be a chill person.”

• Even if you don’t love Champagne, you might enjoy an alternative (more affordable) sparkling wine.
• We spoke to a sommelier who said many people actually prefer prosecco’s citrusy, fresh flavor.
• The next time you want a warm, full-bodied red sparkling wine, reach for a bottle of Lambrusco.

It’s one of the most celebratory times of the year, bringing an onslaught of toast-filled festivities.

Though Champagne is often the de facto alcohol filling flutes, the popular sparkling French wine isn’t ideal for everyone’s palate — or budget, particularly when it comes to serving a big group.

Madison Aspinwall, a California-based sommelier, told Business Insider that there are plenty of high-quality, affordable alternatives to real Champagne, which can cost well over $60 per bottle.

In fact, some decent bottles of sparkling wine can be found for less than half that price.

Here are a few of Aspinwall’s recommendations you can feel confident about grabbing for your next celebration.

Prosecco can be an affordable alternative to Champagne

Made from Glera grapes in Prosecco, Italy, this sparkling white wine can be a less expensive (but still delicious) swap for Champagne.

“Prosecco is rarely over $30 a bottle,” Aspinwall said. “It’s made in a totally different style from Champagne, but I find it equally delicious.”

She said that many people who try different sparkling wines for the first time actually tend to prefer prosecco over Champagne, finding the former tastes fresher, cleaner, and more citrusy.

For a classic, easy-to-find option, Aspinwall recommends La Marca, an extra-dry prosecco that runs between $15 and $20 for a 750-milliliter bottle.

Brut prosecco is the perfect option if you prefer acidic flavors

Brut prosecco is a solid starter sparkling wine.

“I think a brut prosecco is the best for someone who is just getting into sparkling wines and doesn’t like the taste of Champagne,” Aspinwall said.

She added that brut is on the lower end when it comes to sweetness (specifically, it has between 0 and 12 grams of residual sugar per liter), giving it a fresher, more acidic taste than other varieties.

Aspinwall told BI that one of her go-to choices is Pizzolato, a brut prosecco. A 750-milliliter bottle typically costs between $20 and $25.

“It tastes amazing, and it’s in the most fun bottle with funky packaging,” she added.

Fruit-forward Lambrusco is a fitting choice for the holiday season

On the hunt for a sparkling wine that feels special? Turn to Lambrusco, a sparkling Italian red that comes in a range of sweetness levels.

“I think it’s perfect for the holiday season because, as a red wine, it has a bit more warmth to it than a prosecco or Champagne,” Aspinwall said.

She added that this type of wine tends to have more body, tannins, and fruit-forward flavors, such as cherry, raspberry, and strawberry.

You can also get it in white and rosé variations.

“It can be super complex, unique, and fun to experiment with if you’re just getting into sparkling wine,” she said, adding that one of her top recommendations is Broletto Lambrusco.

A 750-milliliter bottle typically retails for between $16 and $20, depending on the retailer.

If you love sweet wine, pour yourself some demi-sec prosecco

For those who prefer a very sweet wine, Aspinwall recommended turning to a demi-sec variety.

This type of prosecco has between 32 and 50 grams of residual sugars per liter, meaning it’s generally sweeter than a brut prosecco.

“It’s perfect for people who are looking for something that’s really approachable,” she said.

Consider trying a demi-sec variety from La Marca — a 750-milliliter bottle can cost between $15 and $20.

Moscato d’Asti is another sweet sparkling wine that pairs well with dessert

One of Aspinwall’s favorite sparkling wines is Moscato d’Asti.

The sparkling white Italian wine, which she described as tropical, fruity, and juicy, pairs well with certain sweet treats.

“I absolutely love Moscato d’Asti with soft-serve ice cream because it’s a really cool dessert combination,” she told BI. “It has that fruity, delicious tart acidity, but it’s also very sweet, so it’s super easy for people who are just getting into sparkling wine to enjoy.”

Consider picking up Vietti Moscato d’Asti, which retails between $15 and $23 for a 750-milliliter bottle.

The Fed cut rates at its last meeting of the year

The Federal Reserve cut rates by a quarter-point Wednesday afternoon in alignment with expectations. Business Insider is covering developments live throughout the day, including Chair Jerome Powell’s press conference, market moves, the 2026 outlook, and what it all means for your wallet.

The Fed’s “dot plot” suggested one cut next year. The central bank was more split than usual, with three FOMC members voting against — the most since September 2019 — a mix of those who wanted to cut further and those who wanted to hold rates steady for now.

Stocks popped on the rate decision, even as the dissent among Fed officials points to heightened uncertainty over the path of monetary policy in 2026.

Check back here for updates — and tune into our live Q&A with reporters this afternoon at 4 p.m. ET.

The lack of data could be contributing to the Fed’s uncertainty

Elizabeth Renter, senior economist at NerdWallet, told Business Insider that balancing the Fed’s dual mandate is more challenging without all the usual information that they could have used to make their call. She noted before the Fed’s rate decision that the data picture was cloudy, given some canceled and delayed reports due to the government shutdown.

“But today’s rate cut signals that though there may be disagreement at the Fed on the best path forward, most believe the risks to the labor market are more pressing,” Renter said. “Though inflation remains elevated, it’s not accelerating, and they’re betting it will stay that way.”

Powell began the press conference laying out the economic picture

To open the press conference, Powell said the Fed remains “squarely focused on our dual mandate goal” to stabilize prices and balance the labor market.

There have been “no significant changes” to the jobs outlook since last month’s meeting based on available private and public data. Economic activity is “expanding at a moderate pace,” he said, emphasizing solid consumer spending, above-goal inflation, and a weak housing sector. Powell said the Fed expects higher GDP growth next quarter, though the “downside risks to employment appear to have risen in recent months.”

Fed shows optimism on economic growth

Today’s economic projections show the US median growth estimate as 2.3%, up from 1.8% in September. This faster growth outlook is a bright spot alongside sluggish labor market data, and the Fed expects the unemployment rate to stay muted around 4.4% next year.

Stocks rise after the Fed delivers another rate cut

Stocks popped on the rate decision, even as dissent among Fed officials points to heightened uncertainty over the path of monetary policy in 2026. The S&P 500 rose 0.4% and the Dow gained 300 points.

“We’re looking for more discussion of the dissent at the press conference,” said Paul Hickey, cofounder of Bespoke Investment Group, adding that beyond that, the market’s expectations for what Jerome Powell could say may be more muted compared to past meetings. That’s because the Fed chief is nearing the end of his term, and investors have already penciled in fewer rate cuts in 2026.

“This is just about exactly what the market expected, so any potential surprises will need to be teased out at the press conference,” Art Hogan, chief market strategist for B. Riley Wealth, said after the decision. The move higher in bond yields since the middle of last month reflects a growing expectation among investors that rates aren’t poised to fall much more and could actually rise again down the road.

“At the last meeting, there was a big reaction because the market was expecting cuts going forward, but they’re not much of expecting anything now. I don’t expect much between now and the end of his term,” Hickey said.

What the cut means for your wallet

Lower interest rates will ease the borrowing burden for consumers. A quarter-point cut could mean lower returns on investment for savers using high-yield savings accounts or certificates of deposit, though it would become cheaper to pay off credit cards. Thirty-year fixed mortgages, two-year auto loans, and credit card rates tend to fluctuate alongside the federal funds rate. Home equity lines and small business loans could also become more affordable over time.

Savers, however, could see less return on their high yield savings accounts.

Read full story

Fed members are split on today’s call

Dissenting to the quarter-point interest rate cut this afternoon were Governor Stephen Miran, who preferred a higher cut, as well as Austan Goolsbee and Jeffrey Schmid, who preferred a hold.

This is the most dissent among Fed members this year, and the first time there were three dissenters since September 2019.

Fed signals one cut next year

Economic projections released this afternoon show the Fed has penciled in one more cut in the new year, though not all members agree.

The Fed publishes projections at the end of each quarter, which have shown a common theme in 2025. Some committee members are more cautious about inflation risks, while others have often called for steep cuts and quick relief to borrowers.

“It’s natural,” Powell said after the last set of projections showed division among Fed members. “I think it would actually be surprising if you didn’t have a wide range of views in this highly unusual situation, and we do.”

The Fed cuts rates

The Fed will cut interest rates by a quarter-point, in alignment with expectations. The move is the central bank’s third rate reduction this year. Powell will hold a press conference at 2:30p EST to discuss.

Global bond markets see fewer rate cuts in the pipeline

Long-dated bonds in many developed markets have sold off. That’s because rate-cut expectations for the months ahead have come down in recent weeks on expectations of sticky inflation and continued deficit spending by governments around the world.

“While we think these moves are overdone in many economies, we think there is still room for investors to pare back expectations for Fed easing,” economists at Capital Economics wrote on Tuesday.

Deutsche says expect a more hawkish Fed in ’26

The 10-year Treasury yield—a benchmark for everything from mortgages to corporate debt—will edge up next year, Deutsche Bank says. That’s because after its expected cut on Wednesday, the central bank is going to be more hawkish than markets expect. Key factors in the rate outlook the bank is watching include fiscal policy, oil prices, and AI.

Political pressure for lower rates

Trump has consistently put pressure on Powell to cut rates. “Jerome ‘Too Late’ Powell should have lowered rates long ago,” the president wrote in a September Truth Social post. “As usual, he’s “Too Late!”

Still, Powell has minimized the impact of White House influence: “We are strongly committed to maintaining our independence,” he said in September. “It’s deeply in our culture to do our job based on the incoming data and never consider anything else.”

UBS says sees stocks could hit ‘escape velocity’ on a dovish Fed pivot

Like most of Wall Street, UBS sees the Fed cutting by 25 basis points on Wednesday.

Brian Buetel, managing director of UBS Wealth Management, believes that the easing cycle will continue into early 2026, with two additional rate cuts expected after December. For that reason, he expects the stock market to continue inching higher into year-end.

“The combination of lower rates, artificial intelligence, more productivity and additional fiscal support from government spending on infrastructure could help the markets achieve escape velocity in 2026.”

What economists expect in the new year

Ahead of today’s meeting, economists told Business Insider that the Fed is looking at a murky economic picture — but there’s no major cause for alarm.

Claudia Sahm, the chief economist for New Century Advisors, expects the Fed to cut rates today but remain more cautious in the new year: “I have a feeling that if all goes well in the economy, the Fed probably is not going to be doing a whole lot because they took steps right now to ensure against the worst outcomes,” she said. “Then it’s just going to take time for the inflation to start moving back down.”

Indeed Hiring Lab economist Cory Stahle said “We’re still off to one of the worst starts we’ve had since 2010 after you take out the pandemic” from a labor market standpoint.

How interest rates impact the labor market

At the macro level, more Fed cuts would be good news for jobs. If companies can borrow money more cheaply, it would free up funds to hire and pay employees, which would speed up labor market churn and encourage more consumer spending.

Job growth has substantially slowed in recent months, and the Fed’s cuts at its last two meetings aimed in part to stem that decline.

Soft economic indicators show shaky consumer and business sentiment

Without the most timely jobs and price data, the Fed may have to lean more on soft economic indicators. Consumer sentiment is making a recovery following midyear dips, but remains low.

On recent earnings calls, leaders at major companies like Amazon, Walmart, and more have said they are feeling the heat of tariffs and hoping to streamline their workforces. Many major employers have announced layoffs and cost cutting in 2025, with some carving out their middle management tier.

Markets expect rate cuts, but bond yields are doing something strange

Investors anticipate a rate cut on Wednesday, with more to follow in 2026, but longer-term bond yields have been steadily rising. The 10-year Treasury yield is up 20 basis points from its November low, hovering around 4.20% on Wednesday.

Sources say the bond market is telegraphing a growing anxiety about the path of inflation in 2026. Trump ally Kevin Hassett, who recently shot to the top of the list of most likely next Fed chiefs, could lower rates aggressively if he takes over from Jerome Powell next year.

The calculus being made in the bond market seems to be that Hassett could lower rates too far, too fast, aggravating inflation and prompting a hawkish response from the Fed down the road.

Read full story

Powell’s successor will be named next year

Powell has been the Fed chair since 2018 and his term ends in May 2026. Trump is set to announce his successor early next year — a decision that will steer future monetary policy.

Frontrunners to lead the central bank include Trump’s economic advisor Kevin Hassett, Fed Governor Christopher Waller, Fed Governor Michelle Bowman, former Fed Governor Kevin Warsh, and Chief Investment Officer of global fixed income at BlackRock Rick Rieder.

Read full story

The Fed has been more divided than usual

Fed leaders have shown uncharacteristic division in their decision-making this year. Minutes from recent meetings show that some Federal Open Market Committee members would prefer larger and more consistent interest rate cuts.

President Donald Trump has also been a vocal advocate for lower rates, at times threatening to fire Powell before the end of the chair’s term. Trump appointee and Fed newcomer Stephen Miran joined the committee in August and has consistently pushed for more aggressive rate reductions.

Stocks are steady as trading kicks off

The stock market opened nearly flat ahead of the 2 p.m. ET rate move. The S&P 500 was hovering around 6,840, while the Dow was up slightly to 47,580.

The week has been mostly quiet as investors await the central bank’s decision. Major indexes are hovering close to records after climbing back from a tech-led sell-off in November. Investors are eagerly awaiting more rate cuts to help fuel further gains in 2026 as stocks head into the fourth year of the bull market.

Unemployment has started ticking up, but remains pretty low

The most recently released unemployment rate was still low, a little over 4%, but has slowly crept up this year. Job seeker frustration is compounded by a decline in job openings over the last few years.

Some demographics are also experiencing job market challenges more than others. Twenty-something college graduates are increasingly stuck submitting applications into the void, and the unemployment rate for Black Americans is nearly twice that of the general population.

Inflation has been on the rise

The most timely inflation data won’t be released in time for today’s meeting, but Powell and his colleagues can look back on recent trends. Inflation rates remained above the Fed’s 2% goal throughout 2025. The consumer price index — a key measure of inflation — cooled during the first few months of the year but began to creep up again in May.

Business Insider also asked our readers in November how prices have changed. About 200 readers responded; many said that the cost of groceries, dining out, and coffee has increased.

Goldman Sachs flagged a risk of a hawkish Fed cut

While investors expect the Fed to cut rates by 25 basis points, officials will probably send out some hawkish signals to the market on Wednesday, Goldman Sachs said.

Fed officials will likely suggest that the bar is higher for rate cuts going into next year, David Mericle, Goldman’s chief US economist, wrote in a client note on Sunday. There will also likely be a handful of central bankers who will give “soft dissents” on where they see monetary policy going forward in the dot plot, he added.

The Fed is expected to pencil in just one more rate cut in 2026, followed by one rate cut in 2027, per Goldman’s forecast.

One hour until the US markets open

With 60 minutes until the US stock market opens, it still looks like investors plan to spend Wednesday morning very much in wait-and-see mode.

As of 8:30 a.m. ET, futures tied to the Dow and the S&P 500 are roughly 0.1% higher, while Nasdaq futures are 0.25% lower.

Minimal moves in futures mirror Tuesday’s quiet trading session, which saw the S&P 500 lose 0.1%, the Dow lose 0.4%, and the Nasdaq gain 0.1%

What the Fed’s decision means for your wallet

If the current pattern of rate cuts continues, American consumers may soon feel relief. Thirty-year fixed mortgages, two-year auto loans, and credit card rates tend to fluctuate alongside the federal funds rate.

And, while inflation remains above the Fed’s 2% goal, mortgage rates have largely cooled in recent months in anticipation of rate reductions. Lower rates could also make home equity lines and small business loans more affordable — though savers might see less return on their high-yield savings accounts.

Investors are already pricing in a ‘sell the news event,’ Morgan Stanley says

Investors seem to be pricing in a “sell the news” reaction to Wednesday’s rate decision, strategists at Morgan Stanley wrote in a note on Monday.

The bank added, though, that it remains optimistic about the market’s direction over the medium term. That’s because the job market looks on track to show moderate weakness in the coming months, which should clear the path for Fed rate cuts in 2026. Stronger earnings should also help lift the market higher, the bank said.

2025 was a rough year for job seekers

Powell has said the Fed’s cautious strategy this year stems from uncertainty over President Donald Trump’s fast-changing tariff policies and stubborn inflation rates. The job market, meanwhile, has had a rocky 2025.

Business Insider has heard from frustrated job seekers at all levels of the career ladder, particularly those feeling pushed out of white collar roles. This past summer, the number of Americans looking for work eclipsed the number of vacancies, though the unemployment rate itself is still relatively low.

There is no risk-free path for policyJerome Powell

“There is no risk-free path for policy as we navigate this tension between our employment and inflation goals,” Powell said in October, adding, “Ultimately, lower rates will support more demand, and that’ll support hiring over time. And, of course, we also have to be careful about this.”

The current economic picture

The Fed’s dual mandate is to keep America’s prices stable and the labor market healthy. These two goals have been challenging to balance this year: higher interest rates can help curb inflation but risk cooling down an already chilly labor market.

The Fed is also missing key pieces of data due to the government shutdown. The Bureau of Labor Statistics canceled the October consumer price index and unemployment rate releases, and the November jobs report and inflation data won’t be released in time for today’s meeting. December’s decision will be more difficult without this information.

All is calm in key markets

US stock futures are virtually unmoved as of just before 6:20 a.m. ET. Futures for all three of the Dow Jones, the Nasdaq, and the S&P 500 have moved less than 0.1% lower so far in this morning’s trading.

There’s a little more movement in European stocks, though nothing too drastic. Britain’s benchmark, the FTSE 100, is up 0.2% on the day to 9,660, while Germany’s DAX is 0.5% lower.

Away from stocks, the US dollar index is around 0.4% lower. The gold price is 0.3% down at roughly $4,200 per ounce.

Today is the Fed’s last decision of 2025

Fed leaders have kept monetary policy moderately restrictive in recent months, holding rates steady until September before introducing two quarter-point cuts.

Chair Jerome Powell said in the last meeting that a rate change in December is “not a foregone conclusion, far from it” and “policy is not on a preset course,” though on Wednesday morning, CME FedWatch is showing a roughly 90% chance of another quarter-point reduction.

Investors and consumers are hopeful for more cuts. Americans could see more affordable mortgage, auto, and credit card rates in the new year, and businesses would be able to borrow money more easily — a move that could juice the sluggish job market.