Here is a rundown of Cheddar News' top trending market stories of the day.
FED RATE HIKE AHEAD
Federal Reserve officials are meeting today to discuss their next rate hike, and officials are leaning toward a smaller 25-basis point hike. The central bank is finally putting its foot on the brake after four consecutive 75-point hikes and a 50-point hike in December. The moderation comes as evidence builds that inflation (and wage gains) will continue to decline in the coming months. The decision from the FOMC will be released at 2 p.m. ET.
TWITTER PAYMENTS OPTION
Twitter is moving ahead with plans to launch new payment services, including the option for users to exchange money similar to PayPal or Venmo. The company's goal is to recoup its lost advertising revenue and bring in steady revenue after being taken private by Elon Musk. If the history of online payments is any tell, the plan could face challenges from U.S. regulators.
In other Elon Musk-related news, investors claim the CEO lost them $12 billion when he tweeted about plans to take Twitter private in 2018 — which the lawsuit alleges was not actually a real possibility, given a lack of funding. Musk, for his part, said he had secured the capital to put his money where his tweet was, but the claimants aren't buying it. One testified that the tweet had caused "consequential harm" in the days following its posting.
GOOGLE FI HACK
Google's cell network provider Google Fi is warning its customers that they may have been affected by a recent security breach at T-Mobile, in which hackers made away with millions of customers' information. TechCrunch obtained an email sent to customers saying that a "limited amount" of Google Fi customer data could have been exposed through a third party system.
Meta is set to announce its fourth quarter earnings after the bell on Wednesday. The company is also beginning test members-only worlds in Horizon Worlds in an effort to attract more users to the metaverse.