It's Time To Stop The Squeeze Says...

Good morning. US stock futures ticked slightly higher in Friday morning trading as investors awaited comments from Federal Reserve Chair Jerome Powell on possible pathways for interest rates.

🛑 US Treasury Sec: No further economic tightening needed

📝 Our report: Janet Yellen, the financial maestro at the US Treasury, declared that the U.S. economy isn't in need of a dramatic money-tightening makeover to curb inflation. According to Yellen, the economy was on the runway for a "soft landing" with employment flexing its muscles.

 🔑 Key points:

• Yellen told reporters after a speech at a lithium processing plant in North Carolina that in the past, the Federal Reserve sometimes had to tighten monetary policy so much to prevent inflation from becoming ingrained in the economy that it caused recessions.

• She said that "inflation has now come way down," with high prices for some goods, such as eggs, returning to pre-pandemic levels

• "I believe the signs are very good that we will achieve this soft landing with unemployment stabilizing more or less where it is in this general vicinity, and growth slowing to a sustainable level. I think that's what we're in the middle of." Yellen told reporters.

💡 So what: Achieving a soft landing for the U.S. economy is important for maintaining a balanced, sustainable, and resilient economic environment. It helps mitigate risks, supports employment, and fosters confidence among various stakeholders, contributing to the overall well-being of the nation.

 Friday - Fed Chair Jerome Powell Speaks

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⛽ OPEC+ agrees to deeper production cuts

WHAT: OPEC+ decided to play barber with oil production, giving it a snip-snip after crude prices took a dive. They're adding a million barrels a day to the "haircut," as agreed in their recent meeting. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.

WHY: Since July, Saudi Arabia has been making an extra voluntary cut of 1 million barrels a day, described by Energy Minister Prince Abdulaziz bin Salman as a “lollipop.” The kingdom was pressing the rest of OPEC+ and its allies to join this effort after crude prices fell by more than 10% from their September high.

🤖 OpenAI extends employee tender offer

WHAT: OpenAI's got a deal sweeter than a birthday cake! They're sticking with plans to allow employees to cash in on shares with a fancy thing called a tender offer. Closely held companies use tender offers to give employees a chance to unlock the value of their holdings in the period before an initial public offering.

WHY: OpenAI had been in talks to sell shares in a deal that would value the artificial intelligence pioneer at $86 billion, people with knowledge of the matter told Bloomberg in October.

💉 FDA probes quality issues with Chinese syringes

WHAT: The US Food and Drug Administration has got its detective hat on, sniffing around reports of Chinese-made plastic syringes causing a stir with leaks and breakages. The agency said it was conducting further investigations along with federal partners and may prevent plastic syringes made in China from entering the U.S. market, if necessary.

WHY: The potential device failures could affect health providers' ability to deliver the correct dose of medication when used alone or with other medical devices, such as infusion pumps, the health regulator said, adding it would work with manufacturers to make sure corrective actions were taken.

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