As expected based on earlier rumors, Avon has struck a deal with Cerberus Capital Management to split off its North American business. Cerberus will acquire an 80.1% stake in Avon North America and also kick in a $435 million investment in the parent company – NYTimes and WSJ
The gap between the Fed’s overnight target rate and the rest of the interest rates in the US [and, in turn, the previously discussed challenge the Fed faces in attempting to steer the entire US economy] was already on full display today, as Treasury yields fell even as the target rate was ratcheted up – WSJ
Also, Wall Street and the Fed are already disagreeing on what the next steps for rate hikes will look like in the year ahead – Bloomberg
Japan is a prime example of the rest of the world moving in a different economic direction from the US. Just after the Fed announced a rate increase, the Bank of Japan indicated that it’s re-committing (though not to the extent markets would like) to its quantitative easing program in order to hit its still-elusive inflation targets and address the sluggish growth still plaguing the island nation – WSJ
More proof that Hilton made got in on its REIT spinoff deal just in time – NYTimes
The breathing room of 24 hours or so means the opportunity for a bit more analysis of the big stories of the week – the Fed’s move and the Shkreli indictment – NYTimes
Shrkeli’s counsel, Evan Greeble, who was also indicted for his alleged role in the scheme, has a history of colorful practice areas (Bitcoin) and clients (Winklevii) – Law360
Business Day’s “Common Sense” column offers a counterpoint to all of the recent hyperventilating about the junk bond market – NYTimes
Turns out James Carville political quips are equally applicable in the Lucasverse as they are here. At least according to a Wash U economist – WSJ and Bloomberg
Finally, I’m not the only one who thinks that Colbert’s killing it, and I’m sure he’ll cook up something special for the holidays, but I’ll be missing my Darlene Love fix this year. Big time – Worldwide Pants
Happy holidays, everyone. The Brief and I will be back bright and early on January 4.
