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Stock market today: Wall Street edges back from its records as bitcoin briefly pops above $100,000

Brock Purdy and Nick Bosa are not available for the San Francisco 49ers when they enter Green Bay with designs on finding their finishing kick on Sunday afternoon. Purdy is out with a right shoulder injury and won't leave the sideline at Lambeau Field, head coach Kyle Shanahan said Friday, when he also declared Bosa out and confirmed journeyman Brandon Allen would make his 10th career start at quarterback. "Outside of here people haven't seen a lot of Brandon. But it's his second year (with the 49ers)," Shanahan said. "Obviously guys want Brock up, but guys are excited to see Brandon play." Shanahan said the 49ers are "a little surprised" Purdy experienced tightness and discomfort in his shoulder after an MRI exam on Monday that showed no long-term cause for concern. "The way it responded this week, it's really up in the air for next week," Shanahan said of Purdy's long-term prognosis. Allen's last NFL start on the road was with the Bengals at the Ravens in 2020. Allen completed 6 of 21 passes for 48 yards with two interceptions. He finished with a passer rating of 0.0 in a 38--3 loss. "It's definitely an opportunity for me to go out and play well and put our guys in a good position to win the game," Allen said Friday. "And obviously we want Brock back and healthy and all that, but for time being, it is an opportunity for me." Purdy took the practice field Thursday with the intent to participate. His shoulder tightened significantly, and the 49ers ushered him off the field to meet with trainers. Purdy beat the Packers in the NFC divisional playoffs at San Francisco in January, but Allen is familiar to Packers head coach Matt LaFleur. LaFleur was an assistant coach with the Rams during Allen's two-year run in Los Angeles. Allen broke into the NFL in 2016 with the Jaguars and is 2-7 in nine career starts. He went 1-2 with the Broncos in 2019 and 1-5 in six starts over two years with the Bengals in 2020 and ‘21. A victory against the visiting 49ers on Sunday would bolster the Packers' playoff chances, send a conference rival below .500 and avenge a bitter playoff defeat. Those seemingly rank in no particular order for the Packers (8-3), although they don't shy from living at least partially in the past ahead of a Week 12 showdown. San Francisco eliminated Green Bay 24-21 in the NFC divisional playoffs last season, scoring 10 unanswered points in the fourth quarter. "That's what you've got to sit with all offseason, is going back, watching the game, trying to see what you could have done better," Packers quarterback Jordan Love said. "What you could have done differently in that game. ... Just knowing that's the team that knocked us out, we're definitely hungry for this game." Ditto for San Francisco. The 49ers fell to 5-5 after last week's 20-17 home loss to Seattle, done in by Geno Smith's 13-yard touchdown run with 12 seconds to play. Still only a game behind NFC West-leading Arizona, the reigning conference champion 49ers are just 1-3 in division play and can ill afford to lose more ground. A visit to AFC East leader Buffalo awaits after the trip to Green Bay. While they're dealing with plenty of not-so-good news on the injury front, the 49ers do anticipate the return of other contributors. Cornerback Charvarius Ward, who missed the past two games following the death of his 1-year-old daughter, practiced Wednesday. Tight end George Kittle also is eager to play after a nagging hamstring injury sidelined him against the Seahawks. "Very excited," Kittle said. "Can't pass up playing the Packers, so no, I will be out there for sure." Allen was a three-year starter at Arkansas but has been a journeyman backup since entering the NFL in 2016 as the 201st overall pick of the Jaguars. Shanahan and LaFleur have been fierce competitors since twice working together, first as low-level assistants with the Texans in 2008, then on the so-called "dream team" staff in Washington that also included Sean McVay, Mike McDaniel and Raheem Morris; and two seasons with the Falcons (2015, 2016) where LaFleur was quarterbacks coach and Shanahan called the plays. Shanahan scored the most recent win over LaFleur in January. Green Bay has won seven of the past eight regular-season meetings between the franchises. But the familiarity and shared-brain approach to offense that has the coaches completed each other's play calls has led to some tight games. The past three at Lambeau Field were all decided by three points. Green Bay, which hosts a home game on Thanksgiving next Thursday, is starting a run of three games in 12 days. They'll play back-to-back Thursday games. Their Week 14 game is at Detroit. That might make it good news for LaFleur that surprising contributors have emerged of late. Packers wideout Christian Watson had a career-best 150 receiving yards on only four catches during last week's 20-19 road win against the Chicago Bears. His diving 60-yard reception in the fourth quarter put the Packers in position for Love's go-ahead, 1-yard scoring run with 2:59 to play. Watson entered the game with eight catches for 83 yards over his previous three contests, but LaFleur assured Watson remains a "big part" of the attack. "He's a guy who's got every measurable known to man in terms of the size, the speed, and it's not like those were easy plays he was making," LaFleur said. "He was making tough, contested catches." San Francisco will aim to generate more pressure against Love than the Bears, who sacked him just once. The 49ers collected four sacks against the Seahawks, with Bosa and Leonard Floyd contributing 1.5 apiece. Recent regular-season history between the Packers and 49ers at Lambeau Field has favored Green Bay. The Packers have won seven of their past eight home games against the 49ers and are 22-11 versus San Francisco at home all-time. Green Bay leads the series 34-28-1. --Field Level Media

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The best skin-care sets are undeniably fun to shop for, and unsurprisingly, my favorite beauty gift to give. They’re the perfect present for a fellow skin-care lover, whether friend or family, or even a coworker you’re unsure of what to buy. Each one comes packaged in a gift-ready box, and there’s a skin-care set at every price point—from practical to indulgent—featuring everything from themes (holiday favorites! bestsellers!) to introductions to brands’ hero products. Vogue’s Favorite Holiday Skin-Care Sets: And if you’re not surprising others with one of the best skin-care sets, why not treat yourself? These curated kits are a game-changer if you want to revamp your routine or looking to restock on travel-size go-tos. And best case scenario, putting stock in a brand’s skin-care system can help take the guesswork out of experimentation—no more trying to figure out if this toner will play nicely with that serum, since they’re all meant to complement one one another! Beyond that, skin-care sets allow you to discover something new without having to commit to a full-size bottle that might not work for you. Ahead, a look at the best skin-care sets our favorite brands have curated this year. Best Brightening Routine: SkinCeuticals Anti-Aging Radiance Kit Best for Glazed Donut Skin: The Rhode Kit Best Prestige Skincare: La Mer Limited Edition Hydrating Radiance Set Best LED Mask Set: Dr. Dennis Gross Skincare Luminous Legends Kit Best K-Beauty Serum Bundle: Beauty of Joseon Hanbang Serum Discovery Kit Best Holiday Packaging: Dr. Barbara Sturm Townhouse Best Harsh Weather Routine: Augustinus Bader The Winter Recovery Kit Best Professional Grade Skincare Set: iS Clinical The Essentials Experience Kit Best Glass Skin Routine: Sulwhasoo First Care 4-Piece Trial Kit Best Microcurrent Device Kit: NuFACE Trinity+ Complete Set Best Variety: Bluemercury Derm Edit 2024 Best Japanese Beauty Set: Tatcha The Starter Ritual Best French Pharmacy Set: Caudalie Prep & Glow Best Sellers Set Best For Eyes: 111Skin Precision Eye Lift Routine Set Best Acne-Fighting Routine: La Roche-Posay Effaclar 3 Step Acne Treatment System Best Sun Protection: Supergoop! Endless Glow Season Kit Best Clean Beauty Set: Tata Harper Holiday Hydration Boost Best Luxurious Shower Gel Set: Nécessaire The Body Wash Collection Best Viral Skincare: Laneige Icons To Go Set Best Brightening Routine: Paula’s Choice Brighten and Even Tone Best Cleansing Ritual: Dermalogica Cleanse and Glow Gift SetFollowing weeks of drones reported flying overhead in the tri-state area, the Federal Aviation Administration imposed temporary restrictions on flying aircraft over certain locations. The agency last Friday published 30 temporary flight restrictions prohibiting drone flights over “critical New York infrastructure,” including near LaGuardia Airport, where drones were spotted earlier this month. It did so “at the request of federal security partners,” according to faa.gov . “Special security reasons” are listed as the cause, and restrictions are in effect until mid-January. The agency last Thursday enacted similar restrictions at 22 locations in New Jersey. Gov. Hochul said in a statement issued last Thursday that the FAA’s actions are “purely precautionary” and that there are no threats to the sites where restrictions apply. “While we have not detected any public safety or national security threats, we will continue aggressively monitoring the situation as we call on Congress to pass legislation to give states and local law enforcement the authority and resources they need to manage this evolving technology,” Hochul said. The FAA’s measures come in addition to the “state-of-the-art drone detection system” delivered by the Biden-Harris administration last week, Hochul added. The Chronicle reported last week that while some Queens folks are afraid that no one seems to know what the aircraft are, others see no reason to panic.

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BY MELISSA GOLDIN Social media users are misrepresenting a Vermont Supreme Court ruling , claiming that it gives schools permission to vaccinate children even if their parents do not consent. The ruling addressed a lawsuit filed by Dario and Shujen Politella against Windham Southeast School District and state officials over the mistaken vaccination of their child against COVID-19 in 2021, when he was 6 years old. A lower court had dismissed the original complaint, as well as an amended version. An appeal to the U.S. Supreme Court was filed on Nov. 19. But the ruling by Vermont’s high court is not as far-reaching as some online have claimed. In reality, it concluded that anyone protected under the Public Readiness and Emergency Preparedness Act, or PREP, Act is immune to state lawsuits. Here’s a closer look at the facts. CLAIM: The Vermont Supreme Court ruled that schools can vaccinate children against their parents’ wishes. THE FACTS: The claim stems from a July 26 ruling by the Vermont Supreme Court, which found that anyone protected by the PREP Act is immune to state lawsuits, including the officials named in the Politella’s suit. The ruling does not authorize schools to vaccinate children at their discretion. According to the lawsuit, the Politella’s son — referred to as L.P. — was given one dose of the Pfizer BioNTech COVID-19 vaccine at a vaccination clinic held at Academy School in Brattleboro even though his father, Dario, told the school’s assistant principal a few days before that his son was not to receive a vaccination. In what officials described as a mistake, L.P. was removed from class and had a “handwritten label” put on his shirt with the name and date of birth of another student, L.K., who had already been vaccinated that day. L.P. was then vaccinated. Ultimately, the Vermont Supreme Court ruled that officials involved in the case could not be sued. “We conclude that the PREP Act immunizes every defendant in this case and this fact alone is enough to dismiss the case,” the Vermont Supreme Court’s ruling reads. “We conclude that when the federal PREP Act immunizes a defendant, the PREP Act bars all state-law claims against that defendant as a matter of law.” The PREP Act , enacted by Congress in 2005, authorizes the secretary of the Department of Health and Human Services to issue a declaration in the event of a public health emergency providing immunity from liability for activities related to medical countermeasures, such as the administration of a vaccine, except in cases of “willful misconduct” that result in “death or serious physical injury.” A declaration against COVID-19 was issued on March 17, 2020. It is set to expire on Dec. 31. Federals suits claiming willful misconduct are filed in Washington. Social media users described the Vermont Supreme Court’s ruling as having consequences beyond what it actually says. “The Vermont Supreme Court has ruled that schools can force-vaccinate children for Covid against the wishes of their parents,” reads one X post that had been liked and shared approximately 16,600 times as of Tuesday. “The high court ruled on a case involving a 6-year-old boy who was forced to take a Covid mRNA injection by his school. However, his family had explicitly stated that they didn’t want their child to receive the ‘vaccines.’” Other users alleged that the ruling gives schools permission to give students any vaccine without parental consent, not just ones for COVID-19. Rod Smolla, president of the Vermont Law and Graduate School and an expert on constitutional law, told The Associated Press that the ruling “merely holds that the federal statute at issue, the PREP Act, preempts state lawsuits in cases in which officials mistakenly administer a vaccination without consent.” “Nothing in the Vermont Supreme Court opinion states that school officials can vaccinate a child against the instructions of the parent,” he wrote in an email. Asked whether the claims spreading online have any merit, Ronald Ferrara, an attorney representing the Politellas, told the AP that although the ruling doesn’t say schools can vaccinate students regardless of parental consent, officials could interpret it to mean that they could get away with doing so under the PREP Act, at least when it comes to COVID-19 vaccines. He explained that the U.S. Supreme Court appeal seeks to clarify whether the Vermont Supreme Court interpreted the PREP Act beyond what Congress intended. “The Politella’s fundamental liberty interest to decide whether their son should receive elective medical treatment was denied by agents of the State and School,” he wrote in an email to the AP. “The Vermont Court misconstrues the scope of PREP Act immunity (which is conditioned upon informed consent for medical treatments unapproved by FDA), to cover this denial of rights and its underlying battery.” Ferrara added that he was not aware of the claims spreading online, but that he “can understand how lay people may conflate the court’s mistaken grant of immunity for misconduct as tantamount to blessing such misconduct.”

Brock Purdy and Nick Bosa are not available for the San Francisco 49ers when they enter Green Bay with designs on finding their finishing kick on Sunday afternoon. Purdy is out with a right shoulder injury and won't leave the sideline at Lambeau Field, head coach Kyle Shanahan said Friday, when he also declared Bosa out and confirmed journeyman Brandon Allen would make his 10th career start at quarterback. "Outside of here people haven't seen a lot of Brandon. But it's his second year (with the 49ers)," Shanahan said. "Obviously guys want Brock up, but guys are excited to see Brandon play." Shanahan said the 49ers are "a little surprised" Purdy experienced tightness and discomfort in his shoulder after an MRI exam on Monday that showed no long-term cause for concern. "The way it responded this week, it's really up in the air for next week," Shanahan said of Purdy's long-term prognosis. Allen's last NFL start on the road was with the Bengals at the Ravens in 2020. Allen completed 6 of 21 passes for 48 yards with two interceptions. He finished with a passer rating of 0.0 in a 38--3 loss. "It's definitely an opportunity for me to go out and play well and put our guys in a good position to win the game," Allen said Friday. "And obviously we want Brock back and healthy and all that, but for time being, it is an opportunity for me." Purdy took the practice field Thursday with the intent to participate. His shoulder tightened significantly, and the 49ers ushered him off the field to meet with trainers. Purdy beat the Packers in the NFC divisional playoffs at San Francisco in January, but Allen is familiar to Packers head coach Matt LaFleur. LaFleur was an assistant coach with the Rams during Allen's two-year run in Los Angeles. Allen broke into the NFL in 2016 with the Jaguars and is 2-7 in nine career starts. He went 1-2 with the Broncos in 2019 and 1-5 in six starts over two years with the Bengals in 2020 and ‘21. A victory against the visiting 49ers on Sunday would bolster the Packers' playoff chances, send a conference rival below .500 and avenge a bitter playoff defeat. Those seemingly rank in no particular order for the Packers (8-3), although they don't shy from living at least partially in the past ahead of a Week 12 showdown. San Francisco eliminated Green Bay 24-21 in the NFC divisional playoffs last season, scoring 10 unanswered points in the fourth quarter. "That's what you've got to sit with all offseason, is going back, watching the game, trying to see what you could have done better," Packers quarterback Jordan Love said. "What you could have done differently in that game. ... Just knowing that's the team that knocked us out, we're definitely hungry for this game." Ditto for San Francisco. The 49ers fell to 5-5 after last week's 20-17 home loss to Seattle, done in by Geno Smith's 13-yard touchdown run with 12 seconds to play. Still only a game behind NFC West-leading Arizona, the reigning conference champion 49ers are just 1-3 in division play and can ill afford to lose more ground. A visit to AFC East leader Buffalo awaits after the trip to Green Bay. While they're dealing with plenty of not-so-good news on the injury front, the 49ers do anticipate the return of other contributors. Cornerback Charvarius Ward, who missed the past two games following the death of his 1-year-old daughter, practiced Wednesday. Tight end George Kittle also is eager to play after a nagging hamstring injury sidelined him against the Seahawks. "Very excited," Kittle said. "Can't pass up playing the Packers, so no, I will be out there for sure." Allen was a three-year starter at Arkansas but has been a journeyman backup since entering the NFL in 2016 as the 201st overall pick of the Jaguars. Shanahan and LaFleur have been fierce competitors since twice working together, first as low-level assistants with the Texans in 2008, then on the so-called "dream team" staff in Washington that also included Sean McVay, Mike McDaniel and Raheem Morris; and two seasons with the Falcons (2015, 2016) where LaFleur was quarterbacks coach and Shanahan called the plays. Shanahan scored the most recent win over LaFleur in January. Green Bay has won seven of the past eight regular-season meetings between the franchises. But the familiarity and shared-brain approach to offense that has the coaches completed each other's play calls has led to some tight games. The past three at Lambeau Field were all decided by three points. Green Bay, which hosts a home game on Thanksgiving next Thursday, is starting a run of three games in 12 days. They'll play back-to-back Thursday games. Their Week 14 game is at Detroit. That might make it good news for LaFleur that surprising contributors have emerged of late. Packers wideout Christian Watson had a career-best 150 receiving yards on only four catches during last week's 20-19 road win against the Chicago Bears. His diving 60-yard reception in the fourth quarter put the Packers in position for Love's go-ahead, 1-yard scoring run with 2:59 to play. Watson entered the game with eight catches for 83 yards over his previous three contests, but LaFleur assured Watson remains a "big part" of the attack. "He's a guy who's got every measurable known to man in terms of the size, the speed, and it's not like those were easy plays he was making," LaFleur said. "He was making tough, contested catches." San Francisco will aim to generate more pressure against Love than the Bears, who sacked him just once. The 49ers collected four sacks against the Seahawks, with Bosa and Leonard Floyd contributing 1.5 apiece. Recent regular-season history between the Packers and 49ers at Lambeau Field has favored Green Bay. The Packers have won seven of their past eight home games against the 49ers and are 22-11 versus San Francisco at home all-time. Green Bay leads the series 34-28-1. --Field Level MediaGreeley City Council brings awareness to gender violence with 16 Days of ActivismNEW YORK (AP) — The huge rally for U.S. stocks lost momentum on Thursday as Wall Street counted down to a big jobs report that’s coming on Friday. The crypto market had more action, and bitcoin briefly burst to a record above $103,000 before pulling back. The S&P 500 slipped 0.2% from the all-time high it had set the day before, its 56th of the year so far, to shave a bit off what’s set to be one of its best years of the millennium . The Dow Jones Industrial Average fell 248 points, or 0.6%, while the Nasdaq composite slipped 0.2% from its own record set the day before. Bitcoin powered above $100,000 for the first time the night before, after President-elect Donald Trump chose Paul Atkins, who's seen as a crypto advocate, as his nominee to head the Securities and Exchange Commission. The cryptocurrency has climbed dramatically from less than $70,000 on Election Day, but it fell back as Thursday progressed toward $99,000, according to CoinDesk. Sharp swings for bitcoin are nothing new, and they took stocks of companies enmeshed in the crypto world on a similar ride. After rising as much as 9% in early trading, MicroStrategy, a company that’s been raising cash just to buy bitcoin, swung to a loss of 4.8%. Crypto exchange Coinbase Global fell 3.1% after likewise erasing a big early gain. Elsewhere on Wall Street, stocks of airlines helped lead the way following the latest bumps up to financial forecasts from carriers. American Airlines Group soared 16.8% after saying it’s making more in revenue during the last three months of 2024 than it expected, and it will likely make a bigger profit than it had earlier forecast. The airline also chose Citi to be its exclusive partner for credit cards that give miles in its loyalty program. That should help its cash coming in from co-branded credit card and other partners grow by about 10% annually. Southwest Airlines climbed 2% after saying it’s seeing stronger demand from leisure travelers than it expected. It also raised its forecast for revenue for the holiday traveling season. On the losing end of Wall Street was Synposys, which tumbled 12.4%. The supplier for the semiconductor industry reported better profit for the latest quarter than analysts expected, but it also warned of “continued macro uncertainties” and gave a forecast for revenue in the current quarter that fell short of some analysts’ estimates. American Eagle Outfitters fell even more, 14.3%, after the retailer said it’s preparing for “potential choppiness” outside of peak selling periods. It was reminiscent of a warning from Foot Locker earlier in the week and raised more concerns about how resilient U.S. shoppers can remain. Solid spending by U.S. consumers has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market . This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A report on Thursday said the number of U.S. workers applying for unemployment benefits rose last week but remains at historically healthy levels. Expectations are high that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. In the bond market, the yield on the 10-year Treasury edged down to 4.17% from 4.18% late Wednesday. The S&P 500 fell 11.38 points to 6,075.11. The Dow sank 248.33 to 44,765.71, and the Nasdaq composite lost 34.86 to 19,700.26. In stock markets abroad, indexes were mostly calm in Europe after far-right and left-wing lawmakers in France joined together to vote on a no-confidence motion that will force Prime Minister Michel Barnier and his Cabinet to resign. The CAC 40 index in Paris added 0.4%. In South Korea, the Kospi fell 0.9% to compound its 1.4% decline from the day before. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night. He revoked the martial law declaration six hours later. Crude oil prices slipped after eight members of the OPEC+ alliance of oil exporting countries decided to put off increasing oil production. AP Business Writers Yuri Kageyama and Matt Ott contributed.Shares of Trump Media & Technology ( DJT 3.60% ) missed out on the "Trump Trade" last month as the stock briefly popped after the election but then gave up those gains in what seemed to be a "buy the rumor/sell the news" event. Trump Media & Technology, which owns Truth Social, brings in almost no revenue, and the stock became something of an avatar for the Trump campaign before the election. Now that he's won, investors seem unsure about what to make of the stock. Additionally, the stock moved on reports that it was in talks to buy a cryptocurrency trading platform. Overall, the stock finished the month down 11%, according to data from S&P Global Market Intelligence . As you can see from the chart below, the stock swung up and down over the month, though it traded in negative territory for nearly the entirety of the month. ^SPX data by YCharts. Trump Media whiffs on the election Most investors in Trump Media stock probably expected the stock to go up after the election, and that did happen briefly. Shares of Trump Media initially surged on Nov. 6, the day after the election, and they cooled off to finish that session up 6%. However, they plunged the following day as it seemed there was no direct benefit to Trump's winning the White House, and they would remain below their closing price the day before the election for nearly the rest of the month. The other big piece of news out on the company was that it was in advanced talks to buy Bakkt , a publicly traded cryptocurrency trading platform that's majority owned by Intercontinental Exchange , according to the Financial Times . The news outlet said the deal would be an all-stock purchase. The valuation was unclear, but Bakkt's market cap is currently $155 million. That report dovetails with Trump's recent embrace of crypto, and Trump Media is also considering launching its own crypto payment service, according to The New York Times . What's next for Trump Media At this point, Trump Media seems to be a call option on the power of the Trump name and the company becoming something more than the business currently is, as Truth Social is not a significant revenue driver. Trump Media is launching a streaming service, but the crypto play is intriguing and a good way for the company to leverage the power of the Trump name and his followers. Until the business starts generating material revenue, investors should be skeptical of the stock, but there is potential for the company here if it can leverage the value of its stock into a real business.

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By Steve Holland and Alexandra Ulmer (Reuters) -President-elect Donald Trump is expected to pick prominent investor Scott Bessent to take on the role of U.S. Treasury secretary, sources told Reuters on Friday, putting him at the helm of a cabinet position with vast influence over economic, regulatory and international affairs. One source briefed by the Trump transition team and a donor briefed on the plans told Reuters of Trump's intention to pick Bessent. The Trump transition team did not immediately respond to a request for comment. Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs. Bessent was picked from a crowded field of candidates for the coveted role. That list included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department. Bessent has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal. The market's surge after Trump's election victory, he wrote, signaled investor "expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans." Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers. ECONOMY'S QUARTERBACK As the 79th Treasury secretary, Bessent would essentially be the highest-ranking U.S. economic official, responsible for maintaining the plumbing of the world's largest economy, from collecting taxes and paying the nation's bills to managing the $28.6-trillion Treasury debt market and overseeing financial regulation, including handling and preventing market crises. The Treasury boss also runs U.S. financial sanctions policy, oversees the U.S.-led International Monetary Fund, World Bank and other international financial institutions, and manages national security screenings of foreign investments in the U.S. Bessent would face challenges, including safely managing federal deficits that are forecast to grow by nearly $8 trillion over a decade due to Trump's plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income. Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon U.S. debt by $22 trillion through 2033. Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump's agenda would unleash stronger economic growth that would grow revenue and shore up market confidence. Bessent would also inherit the role carved out by Yellen to lead the Group of Seven wealthy democracies to provide tens of billions of dollars in economic support for Ukraine in its fight against Russia's invasion and tighten sanctions on Moscow. But given Trump's desire to end the war quickly and withdraw U.S. financial support for Ukraine, it is unclear whether he would pursue this. Another area where Bessent will likely differ from Yellen is her focus on climate change, from her mandate that development banks expand lending for clean energy to incorporating climate risks into financial regulations and managing hundreds of billions of dollars in clean energy tax credits. Trump, a climate-change skeptic, has vowed to increase production of U.S. fossil fuel energy and end the clean-energy subsidies in President Joe Biden's 2022 Inflation Reduction Act. FED FACING The Treasury secretary is also the administration’s closest point of contact with the Federal Reserve. Both Yellen under Biden and Mnuchin under Trump typically met weekly with Fed Chair Jerome Powell, often over breakfast or lunch. Bessent has floated the idea of creating a “shadow” Fed chair. This would entail nominating as early as possible a presumptive Powell predecessor to the Fed Board who would then deliver their own policy guidance so that, as Bessent told Barron’s last month, "no one is really going to care what Jerome Powell has to say anymore." The next seat to open up at the Fed Board is that of Governor Adriana Kugler, whose term runs to January 2026. Bessent has since said he no longer thinks the idea of a shadow chair worth pursuing, the Wall Street Journal reported. Powell's term as Fed chair expires in May 2026, and presidents rarely wait until the Fed chief's term ends before nominating a successor. FROM FINANCE TO DC Bessent, 62, primarily lives in Charleston, South Carolina with his husband and two children. He grew up in the fishing village of Little River, South Carolina, where Bessent has said his father, a real estate investor, experienced booms and busts. Bessent worked for noted short seller Jim Chanos in the late 1980s and then joined Soros Fund Management, the famed macroeconomic investment firm of billionaire George Soros. He soon helped Soros and top deputy Stanley Druckenmiller on their most famous trade - shorting the British pound in 1992 and earning the firm more than $1 billion. In 2015, Bessent raised $4.5 billion, including $2 billion from Soros, to launch Key Square Group, a hedge fund firm that bets on macroeconomic trends. Key Square's main fund gained about 31% in 2022, according to media reports, but firm assets have declined to approximately $577 million as of December 2023, according to a regulatory filing. (Reporting by Steve Holland, Alexandra Ulmer, David Lawder, Lawrence Delevingne, Ann Saphir, Costas Pitas, Nathan Layne and Jasper Ward; editing by Megan Davies and Rod Nickel)

Killer Whale that Carried Dead Calf for 1,000 Miles Gives Birth Again to Live CalfNoneLately, when I find myself feeling a little too calm about things, I’ve taken to reading the Reddit subreddit r/singularity to help swing my equilibrium back to its natural state of intense panic. This is a place where activity has flourished in recent months, as community members feverishly discuss the day’s ever-increasing developments in artificial intelligence and casually argue about the date they expect computers to officially exceed all human control. “AGI by the end of 2025” predicted a top ranking post on the subreddit this week, referencing the stage of singularity when “artificial general intelligence” – the point at which computers can perform any intellectual task that a human can – is reached. The excitement was caused by OpenAI’s announcement that its o3 system can now reason through maths, science and computer programming problems, which are three things I definitely can’t do. We had the chance to give computers less control, and instead we gave them more. Credit: iStock It got me thinking: we should have just let the Y2K bug win, hey? There we were, exactly 25 years ago, gifted with a date glitch that would’ve sent us warmly back to the 1900s, when life was simple and butter was churned in the backyard. But instead we panicked, worried that nuclear plants would melt down, planes would fall out of the sky, ATMs would erase all our savings, and like Bill Pullman in Independence Day we chose to fight. Now, 25 years on and with robot overlords breathing down our necks, it feels like a fork-in-the-road moment where we Robert Frosted the wrong way. We had the chance to give computers less control, and instead we gave them more. Dummy move! Perhaps because I’d just turned legal drinking age, or perhaps because I was watching Buffy religiously instead of following the news, I don’t remember feeling too concerned about the Y2K bug. What did I care if computers thought it was 1900 instead of 2000? Life across those 100 years wasn’t that different. In 1999, I still walked everywhere; I still did school exams in pencil; I still developed 35mm film negatives for my day job like Thomas Edison in his laboratory. Computers might’ve been around, but they weren’t such a part of our lives as they are now. I’d go whole days without touching one sometimes, except to play Grim Fandango . We were so close, as this archival shot from the film Time Bomb Y2K shows. Not to get all John Lennon, but imagine there were no computers. I wouldn’t miss them. I’d be sitting by a river bank right now, writing this column in salmon blood with my index finger. We’d all be so close to nature we could taste it, like the kid from Into the Wild . Maybe we’d die eating berries, but we’d live eating berries, too. If computers had died in 1999, we wouldn’t have social media either, the worst experiment in humankind since lobotomies. Instead we’d just have polite conversation with whoever was in our vicinity and/or crushing loneliness, both preferable options.