The markets: The S&P 500 ticked up to 5,918.25 yesterday, shrugging off notes from the U.S. Fed’s November meeting that indicate officials think inflation will remain above 2%. That would imply the Fed will go slower for longer on expected rate cuts. “The Federal Reserve meeting minutes reflect the rather chaotic swings of view that occur under Fed Chair Powell,” according to a note sent to clients by UBS’s Paul Donovan this morning, seen by Fortune.
Today: Fires in Los Angeles have left five people dead, 2,000 homes destroyed, and 130,000 evacuated in the Pacific Palisades, Santa Monica, and Malibu. Celebrities have watched their homes burn down on their security cameras. Billy Crystal and Paris Hilton’s houses have been destroyed. The damages are estimated at more than $50 billion. The median home value in the region is $2 million. LA Times coverage here.
