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Fed board agrees in 6-1 vote to draft principles for managing climate-linked risks to big banks.
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Central bank's governing council says new collateral management tool will be launched in spring 2024.
Italy is struggling to meet targets key for unlocking EUR19 billion in European funds, the country's European Affairs Minister says.
White House Press Secretary Karine Jean-Pierre is shortly due to deliver a press gaggle aboard Air Force One en route to Boston, Massachusetts.
- Livestream: https://www.whitehouse.gov/live/
- Jean-Pierre will be questioned on Biden's decision to push Congress to codify a tentative agreement with trade union to avert a rail strike.
- The legislation, which fails to increase sick pay for union workers, has angered progressive Democrat lawmakers who claim the bill subordinates worker rights to economic considerations.
- Jean-Pierre will also address President Biden's comments yesterday suggesting that he would be willing to sit down with Russian President Vladimir Putin, if certain conditions are met.
Aaron Blake at the Washington Post has reported that New York Republican gubernatorial candidate Rep Lee Zeldin (R-NY) has emerged as a potential alternate candidate for Speaker of the House of Representatives, if House Minority Leader Kevin McCarthy (R-CA) fails to gather enough support before the January 3 House vote.
- Blake wrote: "One of the McCarthy holdouts, Rep. Ralph Norman (R-SC) said yesterday that holdouts were zeroing in on a non-member for speaker. Looks like that could be Zeldin."
- Another GOP Rep ambivalent on McCarthy, Ben Cline (R-VA) said: "McCarthy has some challenges. We have to ask what's going to be different, and if it's not anything substantive, then why should we be voting for Speaker McCarthy?"
- Cline went on to say that the success of New York Republicans at the midterms underpins Zeldin's mandate to lead the GOP: "This is the Lee Zeldin majority. Because Zeldin has delivered these New York seats for Republicans in Biden districts."
- Zeldin challenged New York Gvernor Kathy Hochul (R-NY) at the midterm elections, losing by a relatively slight six-percentage-point margin.
White House National Security Council Spokesperson John Kirby has told reporters that President Biden's comments at a press conference with French President Emmanuel Macron yesterday do not indicate a change in the administration position regarding talks with Russia.
- Kirby: "Biden was not indicating now is the time for talks, only Ukrainian President Volodymyr Zelensky can determine if and when there can be any negotiated settlement."
- Biden said yesterday: "I am prepared to speak with Mr. Putin if [he's] looking for a way to end the war. He hasn't done that yet. If that's the case, in consultation with my French and my NATO friends I'll be happy to sit down with Putin..."
- Biden's comments were likely a nod to Macron who has generally leaned towards greater negotiation with the Kremlin to find a solution to the conflict.
- Kirby also said that the White House welcomes EU progress on a price cap on Russian oil.
- Kirby: "A price cap will help limit Putin's ability to profiteer off of the oil market so that he can continue to fund a war machine that continues to kill innocent Ukrainians. So we welcome the progress that our EU partners are making on this."
Gabriel Araujo at Reuters has reported that Brazilian President-elect Luiz Inacio "Lula" da Silva may travel to the United States for a meeting with US President Joe Biden before his inauguration in January.
- Lula told reporters in Brasilia: "If I do travel it will be after my certification on Dec. 12," saying that US-Brazil relations and the war in Ukraine would be on the agenda of a potential trip.
- Reuters reported yesterday that "Lula would be formally invited next Monday," and Lula aides have suggested that Lula will likely make trips to only Argentina and the US before taking office.
- Biden was one of the first leaders to call Lula to congratulate him on his October victory over incumbent President Jair Bolsonaro in the second round presidential runoff election but he has since indicated that he will be represented at the inauguration by US Secretary of State Antony Blinken.
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