from its peak of 9.1% in mid 2022 tojust 3.1% in november. that is above the fed s target of 2% and jerome powell cautioned the committee had not ruled out raising rates again in the future. still, for wall street, all three major markets finished higher and the dow jones industrial average jumped more than 500 points to a record close. this is the third time in a row after all that central bank decided against another rate hike. for investors satisfied that the fed is done, the only question on their minds is when will the fed start cutting them? that s happened in the us overnight. i talked to someone from t rowe price earlier and asked her what the fed s decision means the rest of the world. i think this is a very good question on what we have seen during this business cycle is that the fed and the us rates tend to lead other markets so that is one way we can take signal from what s happening here. there has been enough progress on inflation that makes the fed feel comfort
there. as for indications about whether the president will speak at this one one official told ed that is putting the cart before the horse and so we are not there yet. amazing to watch all of this unfold. we appreciate it, mike. mike emanuel. thank you, heather. here is what we know about the potential deal on the table right now. it would raise the government spending power by a total of up to $3 trillion. the plan would also call for an immediate cut of $1 trillion in federal spending with $2 trillion or more in cuts to be determined later by a special committee with a deadline set for thanksgiving. and any debt deal getting hammered out in the coming hours or days will likely be a tough sell for leaders of both party pas. they will have to explain any compromises to their constituents of course, and here is senator lindsay graham. what do i tell people at home that say what did you do about getting us out of debt. i slowed down how much
consideration to reduce the national debt. i assume that that would also mine that the senator from illinois advocate another stimulus package. i want a stimulus to the economy to create jobs and help those out of work to find work with training and education. that s close to a real debate you will see on the floor of the united states senate. unreal . this is what we know about the potential deal on the table. it would raise the government spending power three trillion and the plan would call for an immediate cut of two trillion in federal spending and two trillion later by a special committee with a deadline by thanksgiving. we told you about new videotape of harry reid following the meeting in nancy pelosi s office. listen to this.
stimulus package. i want a stimulus to the economy to create jobs and help those out of work to find work with training and education. that s close to a real debate you will see on the floor of the united states senate. unreal . this is what we know about the potential deal on the table. it would raise the government spending power three trillion and the plan would call for an immediate cut of two trillion in federal spending and two trillion later by a special committee with a deadline by thanksgiving. we told you about new videotape of harry reid following the meeting in nancy pelosi s office. listen to this. you expect it today. i hope so. you think you can get a deal senator reid today?
government goes about raising debt ceilings. senate leaders from both parties are hammering that out. the kick the can deal, a short-term deal that would raise the debt ceiling for a few weeks or months. the president has said he doesn t like that idea. coming up next the just get to 2012 deal, a compromise that would give the government spending power to get through the president elections. fourth, the grand compromise, the one the president is pushing for, the long-term deal that could take a big bite out of the deficit. two big head lines, the casualties keep coming and the scope keeps widening. rebekah brooks arrested. the woman once headed up his british papers, she s out on bail. headline two, the head of scotland yard resigns. sir paul stevenson is quitting over criticism how he handled the saga. as commissioner i carry ultimate responsibility for the position we find ourselves in. with hindsight i wish we had sunlged matters involve this affair differently. i didn