— The Federal Reserve lowered its key interest rate by 25 basis points (to 4.25 – 4.5%) and indicated fewer rate cuts in 2025; the 30-year mortgage shot up to 6.7%.
— The U.S. avoided a government shutdown with a temporary funding bill was approved until March 14, 2025; the debt ceiling was kept in place.
— The U.S. will impose 50% tariffs on Chinese semiconductor imports starting Jan. 1, 2025; in addition, the U.S. Trade Rep is investigating Chinese chip trade violations.
— To chair the U.S. Council of Economic Advisers, President-elect Trump nominated Stephen Miran, a hedge fund manager and former Treasury official who backs restructuring the Federal Reserve and cryptocurrency development.
— The European Union adopted new rules that require 100% recyclable packaging by 2030; include doing away with certain single-use plastics to wrap food and toiletries.
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