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Speaker 1: News when you want it With Bloomberg News Now, I'm

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Speaker 1: Doug Krisner. Today, the FED held its key rate steady

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Speaker 1: and forecast a series of rate cuts next year. Even so,

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Speaker 1: Fedchair j Powell insisted those projections for cuts are not

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Speaker 1: a preset plan. Since inflation is still too high.

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Speaker 2: We are prepared to tighten policy further if appropriate. We're

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Speaker 2: committed to achieving a stance of monetary policy that is

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Speaker 2: sufficiently restrictive to bring inflation sustainably down to two percent

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Speaker 2: over time, and to keeping policy restrictive until we're confident

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Speaker 2: that inflation is on a path to that objective.

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Speaker 1: That said, Powell went on to say the FED has

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Speaker 1: begun discussing when to ease policy. He said most FED

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Speaker 1: officials now see the risk to price growth as broadly balanced.

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Speaker 1: Republicans in the US House voted to formally authorize an

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Speaker 1: impeachment inquiry into President Biden. This came just hours after

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Speaker 1: the president's son Hunter challenged House Republicans to allow him

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Speaker 1: to testify publicly on his business dealings. Here's Bloomberg's Billy.

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Speaker 3: House Republicans, led by Jim Jordan, the Duciary Chair and

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Speaker 3: James Comer, the Oversight chair kind of get around that

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Speaker 3: by saying that Joe Biden has lied while president about

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Speaker 3: some of the alleged involvement or knowledge of his son

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Speaker 3: and family's international business dealings that they say were using

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Speaker 3: his name and influence to get done.

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Speaker 1: That is Bloomberg's belly house. Meantime, both houses of Congress

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Speaker 1: have agreed to a massive defense bill more from Bloomberg's

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Speaker 1: Dan Schwartzman.

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Speaker 4: The Senate passed an eight hundred and eighty six billion

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Speaker 4: dollar defense bill after bipartisan negotiations between the House and Senate.

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Speaker 4: Hard right Republicans had tried to attach restrictions on abortions,

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Speaker 4: transgender care, and diversity initiatives into the spending package, but

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Speaker 4: ultimately were unable to do so. The Republicans did score

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Speaker 4: some victories, though, such as requiring all promotions to be

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Speaker 4: merit and performance based, while also outlawing the flying of

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Speaker 4: the LGBTQ flag on military basis is. The teaching a

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Speaker 4: critical race theory, as well as drag show performances will

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Speaker 4: also be banned on bases. The vote was eighty seven,

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Speaker 4: four and thirteen against. Military personnel will be getting a

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Speaker 4: five point two percent pay increase. In the New Bill

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Speaker 4: in New York. I'm Dan Schwartzman for Bloomberg Radio.

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Speaker 1: We go to Japan next where Prime Minister of Fumio

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Speaker 1: Kishida said he will reshuffle his cabinet, reports saying Kishida

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Speaker 1: will fire four ministers as a widespread scandal raises questions

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Speaker 1: about how long he will be able to stay in power.

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Speaker 5: Here.

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Speaker 1: As Bloomberg's Isabelle Reynolds, what's.

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Speaker 6: Been happening is a scandal has been simmering over the

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Speaker 6: past few weeks over members of Prime Minister for Miyo

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Speaker 6: Kishida's main ruling party, the Liberal Democratic Party, which has

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Speaker 6: been in power in Japan for most of the time

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Speaker 6: since nineteen fifty five. What they're accused of doing is

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Speaker 6: failing to declare income that they gained from fundraising events,

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Speaker 6: effectively creating a slush fund, and according to one report

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Speaker 6: at least in the media here, the amount could have

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Speaker 6: mounted to about one billion yen over several years.

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Speaker 1: That is Bloomberg's Isabelle Reynolds. Now, this scandal has rocked

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Speaker 1: the biggest of the five factions in the LDP, and

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Speaker 1: it appears to spread even wider. Hedge funds and brokerage

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Speaker 1: firms have new requirements on certain transactions involving US treasuries. Today,

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Speaker 1: the Securities and Exchange Commission voted to require all transactions

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Speaker 1: involving so called repurchase agreements to use clearing houses to

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Speaker 1: complete them. Here is SEC Chair Gary Gensler.

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Speaker 5: There is a lot of borrowing leverage in the treasury market.

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Speaker 5: Bringing things into central clearing can address that in a

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Speaker 5: number of ways. One is the clearing itself does something

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Speaker 5: called multi party netting, which lowers a lot of risk

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Speaker 5: in the system.

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Speaker 1: That is SEC Chair Gary Gensler. Now, these new rules

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Speaker 1: will bolster oversight of the so called basis trade and

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Speaker 1: those trades do use the repo market. We go to

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Speaker 1: ten Tesla next. The company is recalling more than two

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Speaker 1: million vehicles. This is after the auto safety regulator determined

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Speaker 1: Tesla's driver assistant system, known as autopilot doesn't do enough

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Speaker 1: to prevent misuse. Here is Bloomberg's Craig Trudell.

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Speaker 7: This dates back actually to August twenty twenty one, when

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Speaker 7: the National Highway Traffic Safety Administration open an investigation into

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Speaker 7: autopilot after several crashes into a first responder vehicles. So

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Speaker 7: there would be an existing craft scene that the Tesla

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Speaker 7: would come upon and run into, say a police car

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Speaker 7: or a fire truck. And since then, actually NITSA has

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Speaker 7: opened a separate defect investigation into autopilot. There's been all

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Speaker 7: sorts of scrutiny into these systems going back years.

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Speaker 1: That is Bloomberg's Craig Trudell. Now Tesla is saying it

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Speaker 1: is expecting to begin a deployment of an over the

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Speaker 1: air software remedy soon. That is news when you want

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Speaker 1: it with Bloomberg News. Now, I'm Doug Prisoner and this

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Speaker 1: is Bloomberg

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Speaker 3: M