Finally, OPEC reaches an agreement
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-After a six-hour gathering in Algiers, OPEC members say they have reached an agreement on the need to cut crude output in order to reduce the global supply excess. This deal, which is expected to be finalized at the next official meeting in Vienna on November 30th, is the first of its kind since 2008.
Today at 2 p.m. ET on The Intelligence Report, Trish Regan will talk about how this deal could impact both international relations and your wallet.
The Wells Fargo (NYSE:WFC) saga continues
-The embattled bank’s CEO John Stumpf is back on Capitol Hill today, speaking in front of the House Financial Services Committee. The committee’s members will probe Stumpf on allegations of wrongful sales practices within the financial institution. Three Democratic senators have asked the Securities and Exchange Commission to investigate the complaint as well.
Varney & Co. will be bringing you the testimony live today, starting at 10 a.m. ET, followed by reaction from a panel of experts.
At 12 p.m. ET, Cavuto: Coast to Coast will have breaking analysis from Representative Jeb Hensarling (R-TX), the House Financial Services Committee chairman. He will give you the exclusive perspective and reaction from members who will be inside the hearing.
More from Capitol Hill
-Donald Trump has been calling out the Fed for having political motivations behind its economic policy decisions, and last night on Capitol Hill Fed chair Janet Yellen was grilled over one of the central bank governor’s hefty campaign contributions to Hillary Clinton. Fed governor Lael Brainard, who has had one of the strongest voices against raising interest rates this past month, gave the Clinton campaign the maximum individual donation allowed ($2,700). It should be noted that this is completely legal, but it has raised suspicions among lawmakers.
Trouble brewing for Wall Street?
-Rhode Island announced Wednesday night that it will slash its hedge fund holdings in half due to concerns over returns and high fees. The state’s plan will reduce the amount of money invested in hedge funds by $500 million, making it the latest major investor to pull away from the expensive money managers on Wall Street.