Let's bring in CNBC senior contributor Ron Insana for more on this. Ron Musk is already the world's richest man. >> $500 billion.>> Now he could soon become the first trillionaire. Just how unprecedented is this compensation package. >> Well, we've never seen anything like it on it.And and if you look at, you know, what it means if he were to achieve the goals, which are quite lofty, by the way, the market value of Tesla would have to reach $8.5% trillion for him to get the trillion dollars additional. >> S ...

Financial Data and Key Metrics Changes - Banco de Chile reported a net income of CLP 927 million for September 2025, reflecting a year-on-year growth of 1.9% and an ROAC of 22.3% [2][19] - The bank's net income for the third quarter of 2025 was CLP 293 billion, representing a 1.7% increase compared to the same period last year [18] - The return on average assets stood at 2.3%, maintaining a significant gap over peers [19] Business Line Data and Key Metrics Changes - Operating revenues totaled CLP 736 billion in Q3 2025, a 2.1% year-on-year increase, supported by solid customer income of CLP 630 billion, which grew 5.4% year-on-year [20][21] - Non-customer income decreased by 14.1% year-on-year to CLP 105 billion, primarily due to lower inflation-related revenues [21][22] - Total loans reached CLP 39.6 trillion as of September 2025, marking a 3.7% year-on-year increase [24] Market Data and Key Metrics Changes - The Chilean economy showed signs of recovery, with GDP growth of 3.1% year-on-year in Q2 2025, supported by a rebound in domestic demand [3][4] - Inflation increased to 4.4% in September 2025, prompting the central bank to maintain the interest rate at 4.75% [5][6] - The loan-to-GDP ratio stood at 76% as of September 2025, reflecting subdued credit expansion relative to economic activity [11] Company Strategy and Development Direction - Banco de Chile's strategy focuses on efficiency, collaboration, and a customer-first mindset, aiming for industry-leading profitability and market leadership in lending [12][13] - The bank is committed to digital transformation and operational productivity to enhance customer experience and drive growth [47][50] - The integration of the former collection services subsidiary, Socofin, has generated operational synergies and improved efficiency [15] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the Chilean economy, anticipating improved domestic demand and investment, which will drive loan growth [44][55] - The upcoming presidential elections are expected to influence macroeconomic conditions, with a consensus among candidates on the need for economic growth [54][55] - The bank expects a gradual recovery in loan growth as uncertainty eases, particularly in the SME and consumer segments [12][49] Other Important Information - Banco de Chile maintains a strong capital position with a CET1 ratio of 14.2% and a total Basel III capital ratio of 18% [34] - The bank's asset quality remains robust, with a delinquency ratio of 1.6%, significantly below peers [38] - Operating expenses increased by 1.2% year-on-year, reflecting disciplined cost management [39] Q&A Session Summary Question: Concerns about market share in commercial and consumer loans - Management acknowledged stable market shares and emphasized a focus on digital transformation and high-potential segments to improve market position [43][46] Question: Impact of upcoming presidential elections on macro outlook - Management highlighted the importance of the election results and the consensus on economic growth among candidates, which could enhance loan demand [51][54] Question: Outlook for loan growth in 2026 - Management indicated that loan growth is expected to accelerate, driven by improved economic conditions and a focus on commercial and consumer lending segments [57][59]

Job Market Perception - Americans' perceptions of the job market worsened in October [1] Inflation Expectations - Americans' expectations for inflation edged lower in October [1]

All right. Well, speaking of the fallout from the elections, conservative columnist Kimberly Stell has a new piece for the Wall Street Journal headlined time to reset the GOP clock. And she writes in part this.The Trump team is moving at a furious pace. And doesn't the country's overloaded brain know it. On any given day, voters are pummeled with 50 non-cohesive headlines about Medicaid fraud, National Guard deployments, college compacts, indictments of Trump adversaries, sovereign wealth funds, DEI, Venezu ...

Yes, Carl. Just hitting the wires, our November preliminary view of University of Michigan Senate and the accompanying inflation indications. Headline number comes in light.50.3%, very light. We were supposed to get a number 53. Our last final look was 53.6%.50.0% 0 would be the weakest since well the all-time low which was 50 and 50 came in at June of 22 that is the low if you go back to the 70s that's still the low so very close 52.3% on current conditions another huge miss 52.3% well you're now going bac ...

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, reflecting a 23.7% year-over-year reduction, with the adjusted EBITDA margin contracting to 20.8%, a decline of 315 basis points year-over-year [5][12][16] - Net loss attributable to the owner of the company totaled ARS 8.5 billion for the quarter, compared to a net gain of ARS 27.9 billion in the same quarter last year [15][16] - Net debt declined by $9 million quarter-over-quarter to $206 million, with a net debt-to-EBITDA ratio of 1.49 times, up from 0.89 times at the end of 2024 [5][16][18] Business Line Data and Key Metrics Changes - Revenue in the cement segment declined 13.2% year-over-year, driven by a 5.4% contraction in volumes and softer pricing [8][12] - Concrete revenues remained broadly flat versus the third quarter of 2024, with a 37.8% increase in volumes offset by softer pricing dynamics [9][12] - The aggregates segment posted a slight 0.8% revenue decline, despite a 26.3% increase in sales volumes driven by higher activity in road construction [9][10] Market Data and Key Metrics Changes - Cement dispatches fell around 1% in the quarter, largely explained by a soft July, although September volumes were the highest in 22 months [6][7] - VAC cement dispatches reached 44% of total industry dispatches, showing strong performance in line with the previous quarter [7] - October's volumes showed renewed strength, with a 7.4% year-over-year increase, indicating a potential recovery in the market [7][26] Company Strategy and Development Direction - The company aims to optimize performance and support the country's development as conditions normalize, with a focus on unlocking investment projects that have been on hold [19][20] - The recent electoral outcome is expected to provide stability needed for investment projects, with management expressing optimism about higher activity levels [19][26] Management Comments on Operating Environment and Future Outlook - Management noted that key industry activity lost momentum due to a slowing economy and uncertainty around the electoral process, but expressed optimism for recovery following the elections [4][19] - The company expects to see a recovery in pricing in dollar terms with a more stable exchange rate and plans to increase prices above inflation [24][25] Other Important Information - The company began dispatching new 25-kilogram bags during the quarter, which were well received by customers [19] - Cash flow generation from operating activities totaled ARS 32 billion, reflecting higher working capital requirements and lower operational results [16][17] Q&A Session Summary Question: Pricing outlook for the company - Management indicated that pricing dynamics are expected to improve, with plans to increase prices above inflation in the coming months, especially with a more stable exchange rate [22][24] Question: Capital allocation and dividend distribution - Management stated that due to the macroeconomic situation in Argentina, they have not advanced with dividend payments this year but plan to reassess the situation for 2026 [24][25] Question: Early call orders or volumes for the fourth quarter - Management noted a recovery in volumes for October, driven by pre-election investment hesitance and a favorable exchange rate, expressing optimism for continued volume growth [26][27]

Even if you're not confirmed as Fed chair, everybody has a view about what they would do differently at the Fed. What are some of the changes that you would make. You know, listen, I mean, all I'm going to point to is what I've said for many months now, which is I think there are some things to do that you can do that to create velocity in the system.You know, nobody borrows off the overnight funds rate anymore. Velocity happens where financing happens out, the yield curve, things you could do to keep that ...

Financial Performance - Revenue for the third quarter of 2025 was $193.9 million, a 15.1% increase year-over-year[11] - Net income for the third quarter of 2025 was $0.2 million, a 104.5% increase year-over-year[11] - Sales volume for the third quarter of 2025 was $12.2 billion, a 1.7% increase year-over-year[11] - Year-to-date revenue reached $511.2 million, up 12.1% year-over-year[12] - Year-to-date net loss was $(15.2) million, a 27.2% decrease year-over-year[12] Brokerage Operations - Real estate brokerage commissions revenue for the third quarter of 2025 was $162.2 million, up 14.2% year-over-year[13] - Brokerage sales volume for the third quarter of 2025 was $8.4 billion, a 2.0% decrease year-over-year[13] - Financing fees revenue for the third quarter of 2025 was $26.3 million, up 27.7% year-over-year[17] - Financing sales volume for the third quarter of 2025 was $2.9 billion, a 34.4% increase year-over-year[17] Market Trends - Private investors dominate the U S commercial real estate market, accounting for 57% of dollar volume[34]

Core Insights - The ongoing U.S. government shutdown has significantly impacted consumer sentiment, driving it to its lowest level in over three years, with a reading of 50.3 in November, reflecting a 6.2% decline from the previous month and approximately 30% from a year ago [2][3][4]. Consumer Sentiment - The University of Michigan's Index of Consumer Sentiment indicates a notable decline, with economists expecting a higher reading of 53.0, compared to the actual reading of 50.3 [3][4]. - The current conditions index fell to 52.3, marking an almost 11% drop from the previous month, while consumer expectations decreased to 49.0, down 2.6% [5]. Economic Concerns - Consumer worries about the government shutdown have overshadowed positive sentiment from record-high stock prices, with widespread declines in sentiment observed across various demographics, including age, income, and political affiliation [4]. - The survey highlighted that sentiment among individuals with significant stock holdings improved by 11%, indicating a disparity in consumer sentiment based on asset holdings [6]. Inflation Outlook - Inflation expectations remain relatively stable, with the one-year outlook slightly increasing to 4.7%, while the five-year outlook decreased by 0.3 percentage points to 3.6% [5].

for more insights. Uh let's bring in Roger Ferguson, former uh Fed uh vice chairman and a CNBC contributor and Sarah Malik, chief investment officer uh at New. Um good to see you both.Happy Friday. Um Roger, what what have you been thinking about the past couple of weeks with with an absence of a lot of uh data points. Look, I've been thinking about the messages the Fed has been delivering and how the sort of the dual man state is creating what I would describe as a dueling Fed.Uh we had one Fed governor, G ...