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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Up and Down They Go
Not everything goes as planned. The U.S. Federal Reserve announced its first increase in policy interest rates in nearly a decade on Wednesday, but broader market forces have since conspired to drive other U.S. rates down. Yields on Treasurys fell as demand from investors drove prices higher. The Fed’s decision has also added pressure to commodities markets, and global stocks fell this morning as an earlier rally showed signs of fading. Central banks around the world had mixed reactions to the U.S. rate increase, with most opting to either raise their own borrowing costs or hold them steady. The Bank of Japan, however, jolted markets earlier today after announcing additional measures to its three-year-old easing program.
The Rise and Fall of Pharma Boy
In just three years, Martin Shkreli has gone from being named one of the top young biotech entrepreneurs to become the “poster boy for drug company greed.” Now, he can add another label: accused white-collar criminal. The 32-year-old pharmaceutical executive, who gained notoriety earlier this year for significantly raising prices on drugs, was arrested yesterday on charges of securities and wire fraud stemming from an alleged Ponzi scheme he ran as a hedge-fund manager. He has pleaded not guilty to the charges. His lawyer, Evan L. Greebel, also played a critical role in helping him orchestrate a series of allegedly fraudulent transactions, according to a federal indictment unsealed yesterday.
China’s Market Movers
A bungled attempt in China to save its stock market this summer ended up costing more than $200 billion. Now, as part of a new, broader scrutiny of business, Beijing is investigating whether the architects of the rescue effort used their knowledge to enrich their friends or themselves. “Before you set new rules to improve regulation, you have to clean house first,” said one China economist. Meanwhile, U.S. trade officials have issued another warning to Chinese e-commerce giant Alibaba Group , saying brand owners continue to complain that its online sales platforms are still major sellers of counterfeit goods.
2015 in Culture
It’s been quite a year for the arts—from museums to movies. The best exhibitions introduced visitors to Mughals, migration and Renaissance masterpieces. Television confronted some of today’s harsh realities, from jihadists in Berlin to a harrowing crime in India. Politics, Paris romances and puppets were just a few of the rewarding and varied musicals that audiences were offered this year. At the cinema, moviegoers found emotional experiences in a multitude of genres, ranging from the intergalactic to the intimate. And with the music industry’s massive output, listeners simply can’t be blamed if they found it too hard to choose a favorite album—though Björk’s “Vulnicura” ticks our rock-and-pop critic’s box.
Top Google Searches in 2015
That Was Painless
Take a look at the most popular search terms on Google for 2015. Photo: Getty/AP

San Bernardino Shooter’s Friend Charged With Supporting Terror

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Behind the Fall of Marcelo Odebrecht, Brazil’s Construction ‘Prince’

Spanish Voters Weary of Scandal-Ridden Political Class Known as ‘La Casta’

Deal Gives Avon CEO Sheri McCoy a Chance to Revamp

Hoverboard Safety Concerns Create Challenge for Retailers, Regulators

The No-Lose Bet for Banks in IPOs

Argentina’s Peso Sinks After Currency Controls Lifted
Hallmark Channel’s prime-time audience, up 3% this year, according to Nielsen. Rival cable network Movies & Mysteries is averaging 300,000 viewers, up 33%. The two networks, which rely on a feel-good diet of romance, holidays and family, are a rare bright spot in the cable industry these days.
He’s a very colorful and talented person, without a doubt...It isn’t for us to judge his merits, that is a task for the American voters, but he’s the absolute front-runner in the presidential race.
Russian President Vladimir Putin on Donald Trump’s campaign for the White House.
Going back to our story above, what do you think was the best accomplishment in the arts this year? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
On yesterday’s question about the Fed’s rate increase, Ken Keeney of Illinois wrote, “I don’t believe the rate increase will have much of an impact; however, we now have a small ‘cushion’ in place should we need to decrease in the future.” From Ohio, Rich Irwin wrote, “I think the Fed is doing a delicate balancing act between trying to encourage economic growth without causing inflation. Since they do not know the effect of their decision on the markets, this ultimately was based on their gut feelings.” Slade Howell of North Carolina commented, “The short answer is that no one knows.The effects are not likely to be good. Put in perspective, in the early 1980s, average rates (30-year fixed mortgage) were 16%, resulting in bonds trading at 30% of face value. Conversely, with rates so low for so long, it would be difficult to argue that we are not surrounded by numerous financial bubbles. The government, via the Federal Reserve, is proving that it is incapable of effectively managing the economy of a market society. There is no risk-free way to raise rates substantially at this point. I would feel much better with market forces in charge; there would by much less uncertainty.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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