Biden impeachment, morning sickness cure, and a nacho-flavored spirit.

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Big Stories

House votes to authorize GOP's Biden impeachment inquiry

The House on Wednesday voted to authorize an impeachment inquiry into President Biden.

• Details: The House voted 221-212 to pass a resolution instructing committees to investigate “whether sufficient grounds exist to impeach Biden.” It came just hours after Hunter Biden refused to sit for a closed-door deposition. Some Republicans in Biden's districts who were unsure about the impeachment grounds, supported the inquiry to force Hunter Biden to comply with his congressional subpoena.

• GOP game plan: Before the vote, Oversight Committee Chair James Comer (R-Ky.) and Judiciary Committee Chair Jim Jordan (R-Ohio) stated that “the vote would strengthen our legal case as we face obstruction from the White House and witnesses.” They noted Hunter Biden's obstruction as a reason for the formal vote and announced plans to initiate contempt of Congress proceedings against him.

• Zoom out: Some Senate Republicans said this week that they don't think there's enough evidence to start an inquiry. "There hasn't been evidence yet of wrongdoing by President Biden himself," said Sen. Mitt Romney (R-Utah).

Fed leaves interest rates unchanged, signals cuts ahead next year

The Federal Reserve kept interest rates the same in its last 2023 policy meeting but hinted at potential significant rate cuts in 2024.

• Details: Officials signaled that the central bank has probably finished its campaign to raise interest rates to control inflation, with little harm to the economy so far. During a press conference, Fed Chair Jerome Powell also stated that “while we believe the policy rate is likely at or near its peak for this tightening cycle, the economy has surprised forecasters.” Rate hikes "are not the base case anymore as it was 60, 90 days ago," Powell said.

• The plan: Fed officials expect to cut rates three or more times in 2024, according to new forecasts. The median projection is a target rate of 4.6% in December 2024, down by 0.75 percentage points. Additionally, fiscal leaders anticipate a further cut to 3.6% by the end of 2025.

• Looking ahead: Fed officials maintained a relatively optimistic outlook on the economy. They anticipate unemployment to stay at its record-low rate of 4.1% through the end of next year. And year-end estimates have the economy growing by 2.6% instead of 2.1%. Inflation has fallen from its highs without a big increase in unemployment which is a good sign. However, Powell warned that “the path forward is still uncertain.”

Judge agrees to pause Trump's Jan. 6 case while appeal plays out

A federal judge has agreed to put a hold on former President Trump’s 2020 election subversion case while he appeals a decision that rejected his claims of immunity.

• Latest rulings: The court acknowledges that Trump's appeal automatically halts any ongoing proceedings leading to a trial, Judge Tanya Chutkan wrote in her order on Wednesday. She said that Trump’s filing of a notice of appeal grants jurisdiction to the higher court. If jurisdiction returns to her court, Judge Chutkan will decide whether to keep any deadlines and proceedings, including the trial scheduled to start on March 4.

• Catch up: Trump has argued that presidential immunity protects him from prosecution for actions he carried out in his official capacity. Last week, he requested a pause in the case. However, Judge Chutkan rejected his argument, saying that while a sitting president may have some immunities, holding the position doesn't provide a lifelong "get-out-of-jail-free" pass.

• Later on Wednesday evening, the federal appeals court approved special counsel Jack Smith's request to expedite Trump's appeal — ordering briefs to be filed by deadlines spanning from Dec. 23 to Jan. 2. A date for oral arguments hasn’t been set.

Little Stories

U.S. News

• The Senate approved a defense policy bill on Wednesday, greenlighting the largest troop pay raise in over two decades. However, the bill did not address many policy priorities advocated by social conservatives. (More)

• A stranger accused of breaking into a Detroit synagogue leader's home was charged with her murder on Wednesday, almost two months after her body was found outside with multiple stab wounds. Police found no evidence that Samantha Woll's murder was a result of antisemitism or a hate crime. (More)

• The Supreme Court announced on Wednesday that it will hear an appeal that has the potential to overturn numerous charges related to the Capitol riot, including those against former President Donald Trump. (More)

World

• An influence operation has targeted Taiwan's upcoming presidential election on Facebook, TikTok, and YouTube. Over 800 fake accounts were involved in promoting the Kuomintang, considered friendly to China, while criticizing opponents like the ruling Democratic Progressive Party, which supports Taiwan's independence. (More)

• Palestinian militants executed one of the deadliest single attacks on Israeli soldiers since the start of the Gaza invasion, killing at least nine in an urban ambush. (More)

• Argentina's new president, Javier Milei, has announced a currency devaluation of over 50% against the US dollar as a bold measure to tackle the country's economic challenges. (More)

Business & Economy

• U.S. stock markets closed higher on Wednesday (S&P +1.37%, Nasdaq +1.38%, Dow 1.40%). (More)

• Mortgage refinance demand jumped over 19% percent after the average 30-year fixed rate dropped to 7.07% — the lowest level since July. (More)

• GMs' Cruise autonomous vehicle unit has fired nine "key leaders" in response to ongoing safety investigations following an October accident in San Francisco. (More)

Sports & Entertainment

• Emmy-winning actor Andre Braugher, known for his roles in "Homicide: Life on The Street" and "Brooklyn Nine-Nine," passed away at 61 on Monday after a brief illness, according to his publicist Jennifer Allen. No additional details were provided. (More)

• The NBA suspended Golden State Warriors forward Draymond Green indefinitely on Wednesday, less than 24 hours after he struck Phoenix Suns center Jusuf Nurkic in the face, resulting in a Flagrant 2 foul and ejection. (More)

• Ted Leonsis, owner of the NBA's Washington Wizards and NHL's Washington Capitals, has proposed relocating the teams to Virginia by 2028. (More)

Science, Health, & Tech

• Scientists have discovered that a hormone produced by babies, known as GDF15, is the cause of severe morning sickness in some pregnant women, a condition called hyperemesis gravidarum. This finding brings them closer to a potential cure, as exposure to the GDF15 hormone before pregnancy could be a new treatment. (More)

• The mysterious illness affecting dogs across the U.S. has now been confirmed in 16 states, according to recent data from Louisiana State University's School of Veterinary Medicine. (More)

• Epic Games, the maker of Fortnite, won a US court battle against Google, with a jury deciding that Google operated an illegal monopoly. Epic Games sued Google in 2020, accusing it of unfairly dominating its app store over rivals. (More)

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