News Wrap: Fed chair says economy may need to cool to bring inflation down

Geoff Bennett:

In the day's headlines: The European Union pressed Meta and TikTok to explain what they're doing to block disinformation about the Israel-Hamas war. The tech giants were given one week to respond. They could face billions in fines if they don't comply with a new law aimed at protecting users from false claims and other harmful content.

The chair of the Federal Reserve said today that inflation is still too high and that the economy may have to cool off to bring it down further. In a speech in New York, Jerome Powell said the Fed's goal is still 2 percent inflation, but getting there is delicate business.

Jerome Powell, Federal Reserve Chairman:

Doing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy, at a high cost to employment. Doing too much could also do unnecessary harm to the economy.

Geoff Bennett:

Powell's remarks underscore warnings that the Fed may resume raising interest rates if growth does not slow.

The telecom giant Nokia announced today it will slash up to 14,000 jobs worldwide. That's roughly 16 percent of the Finnish company's work force. The move follows a plunge in profits and sales in the third quarter.

The U.S. Senate's newest member, California Democrat Laphonza Butler, has decided not to run for a full term next year. She was appointed 18 days ago to succeed the late Senator Dianne Feinstein. Today, Butler told The New York Times that she realizes — quote — "This is not the greatest use of my voice."

Several major candidates are already in the California Senate race.

The Pentagon says China is still building its nuclear weapons arsenal and faster than expected. A report today also says Beijing may be building conventional missile systems that could strike the U.S. The report comes a month before President Biden may meet with Chinese leader Xi Jinping in San Francisco.

Federal regulators have approved a major natural gas pipeline expansion in the Pacific Northwest. A Canadian firm, TC Energy, says it's needed to meet consumer demand. Today's action by the federal Energy Regulatory Commission overrode objections from environmental groups and several states.

On Wall Street, rising interest rates in the bond market undercut stocks again. The Dow Jones industrial average lost 251 points to close at 33414. The Nasdaq fell 128 points. The S&P 500 slipped 36 points.

And the Las Vegas Aces are now the first back-to-back champions in the WNBA in 21 years. They rallied last night to beat the New York Liberty 70-69 for their second straight title. Forward A'ja Wilson had 24 points and 16 rebounds to take the most valuable player award. The Aces won despite having to play without two of their starters.

And still to come on the "NewsHour": former Trump attorney Sidney Powell pleads guilty in the Georgia election subversion case; we speak with a State Department official who has resigned over the U.S. response to the Israel-Hamas war; and how Native people are often left out of the conversation around police reform.