The daily business briefing: November 10, 2023

1. Powell 'not confident' Fed has tamed inflation

Federal Reserve Chair Jerome Powell indicated Thursday that the central bank's policymakers were in no hurry to raise interest rates again but would do so if necessary to cool the economy further and contain inflation. The Fed earlier this month decided to keep rates unchanged in the 5.25-to-5.5% range. Inflation has come down considerably since a summer 2022 peak, but remains above the Fed's 2% target. Powell, speaking from remarks prepared for an International Monetary Fund conference, said Fed leaders had made progress but were still "not confident" they had restricted monetary policy enough to achieve their goals. "Inflation has given us a few head fakes," he said. The New York Times, CNN

2. Jezebel shuts down after owner failed to find buyer

Feminist media site Jezebel is shutting down as its parent company, G/O Media, cuts costs due to falling online advertising. The company is laying off the site's entire 23-member staff, effective immediately. G/O Media chief executive Jim Spanfeller said in a memo to staff that he had tried unsuccessfully to sell Jezebel before making the "excruciating" decision to close it. Spanfeller said he hadn't "given up" on finding a buyer for Jezebel, which he said had "changed women's media forever." Jezebel was founded in 2007 as part of Gawker Media. It is the latest media brand to collapse as the industry struggles, following Buzzfeed News' shutdown earlier this year. BBC News, CNN

3. Novo Nordisk invests billions to boost Danish Wegovy production

Drugmaker Novo Nordisk on Friday announced plans to invest more than $6 billion to boost production of its Wegovy weight-loss treatment in Denmark. Demand for Wegovy and other new weight-loss drugs is booming. The expansion of the company's Kalundborg site will increase its capacity for manufacturing active pharmaceutical ingredients, such as semaglutide, that Novo Nordisk needs to handle orders for Wegovy and the company's Ozempic diabetes treatment. "Our continued investment in global capacity demonstrates the belief we have in our current and future product portfolio," said Henrik Wulff, head of product supply, quality and IT at Novo, Europe's most valuable company by market capitalization. Reuters

4. IRS raises tax brackets 5.4% to cover inflation

The IRS announced Thursday it is adjusting tax brackets upward by 5.4% to account for inflation. The new limits, which will give some taxpayers a break in 2024, came after the IRS expanded the brackets by a historically large 7% last year, when inflation peaked. The annual adjustments are designed to avoid forcing workers into higher tax brackets, so-called bracket creep, when they receive cost-of-living raises. There are seven federal income tax rates. The lowest, 10%, will apply to single filers making up to $11,600 and married couples filing jointly making up to $23,200. The top rate, 37%, will apply to single filers making more than $609,350 and married couples filing jointly with income above $731,200. CBS News

5. Wall Street struggles after Fed remarks

U.S. stock indexes dropped Thursday after Federal Reserve Chair Jerome Powell warned that the central bank might have to raise rates again if inflation doesn't keep falling. The S&P 500 closed 0.8% lower, "thwarting what would have been just its 32nd nine-day winning streak since 1928," The Wall Street Journal reported. The Dow Jones Industrial Average and the tech-heavy Nasdaq fell 0.6% and 0.9%, respectively. U.S. stock futures were mixed early Friday. Futures tied to the Dow up 0.1% at 7 a.m. ET. S&P 500 and Nasdaq futures were down 0.1% and 0.2%, respectively. The S&P 500 and the Dow head into the week's final trading day down 0.3% and 0.5%, respectively. The Nasdaq has gained 0.3% so far this week. The Wall Street Journal, CNBC