Good morning. Chevron announced it will scale back spending on rigs, drills, and other equipment next year. As we said yesterday, Donald Trump can’t have it all: either he will get much lower energy prices or much higher US oil production, not both. Which will he end up with? robert.armstrong@ft.com and aiden.reiter@ft.com. On the eve of the US presidential election, we made some predictions about the market winners from a Trump victory, highlighting US stocks, banks, and crypto.
If the job market continues to decline, and inflation remains sticky , the Fed will be stuck between its two mandates. The worst-case scenario — stagflation — could threaten. Today’s jobs news is important not only because it is the last one before the December Federal Open Market Committee meeting, but because it carries the weight of two reports. October’s ultra-low 12,000 new jobs was affected by hurricanes and the Boeing strikes. Today’s numbers will include a revised figure for October.