Brought to you by:

Top stories today:

1. SBF ordered fake balance sheets, was OK with lying: Ellison
2. Fed minutes suggest 1 more rate hike, but markets don't buy it
3. Today's CPI: can monthly inflation return to <0.2%?
4. Character AI launches group chats, part of $10/mo service
5. OpenAI expected to announce stateful, image APIs on Nov. 6

0. Data and calendar

1. Sam Bankman-Fried ordered fake balance sheets, paid $100M in Chinese bribe, was OK with lying: Ellison

More testimony from Alameda CEO Caroline Ellison:

• She prepared 7 fake balance sheets to show to lenders, and SBF decided which one would look better.

• FTX paid a $100M bribe to Chinese officials in 2021 in exchange for the release of around $1B of Alameda's money on OKX and Huobi.

• SBF was irritated she didn’t hedge enough, although not hedging with customer funds doesn't seem like a strong defense.

• SBF was conscious about his eccentric founder image, purposively switching from luxury cars to a Corolla.

• SBF was a “utilitarian,” OK with lying and stealing.

• SBF wanted to buy Snapchat. - Bloomberg

Alameda lost $190M to phishing, according to a former engineer. - The Block

2. Fed minutes suggest 1 more rate hike, but markets don't buy it

Markets price in stability, then timid rate cuts starting in June:

• “A majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted.”

• “Policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objective”: point of complete agreement among FOMC members. - CNBC, Fed minutes

3. Dream Startup Job has helped thousands of people kickstart their startup career*

• Dream Startup Job is the premier marketplace for connecting ambitious job-seekers with the world's most innovative companies.

• Search over 1,000 roles and apply quickly to cutting-edge companies like Traba, Varda, Eight Sleep, Flowhub, and many others.

• If you're looking to join a team that is making a difference in the world, create a job-seeker profile in minutes and start applying for roles.

• If you're a startup, post your open roles today or schedule a call with the Dream Startup Job team by clicking here.

*Sponsored.

4. Today's CPI: can monthly inflation return to <0.2%?