The UK's energy partner.

Learn more at equinore.

Good morning from the Financial Times. Today is Wednesday, December 6th, and this is your

FT news briefing.

Markets are betting that the Federal Reserve is going to cut interest rates pretty soon. But economists say, hold your

horses. And the US Supreme Court just heard a crucial case that could derail a plan

for a wealth tax. This is the most watched tax case at the Supreme Court in many, many decades because we have

progressives out there wanting to impose a billionaire's tax, wanting to tax people on their wealth,

not necessarily on their income.

Plus Ukraine is cracking down on its country's oligarchs.

I'm Mark Filipino and here's the news you need to start your day. Economists and Wall Street are having a bit of a disagreement about when the Federal Reserve will start cutting interest rates.

The majority of leading economists think the U.S. Central Bank will hold off on cuts until July of

next year at the earliest, as according to a new FT survey out today.

And these economists expect the Fed to lower interest rates by just half a percentage point or

less in 2024.

But investors think the Fed will start cutting interest rates in March and lower the overall rate by a full percentage point by the end of next year.

Now it's not clear what the Fed is actually going to do. The Fed is kind of mysterious like that.

But with inflation falling and job growth stalled, the Central Bank is definitely

grappling with just how long to keep rates elevated. The U.S. Supreme Court heard a case yesterday that could shut down in Democrats attempt to impose a wealth tax.

Well here argument this morning in case 2,800 more versus United States.

Now the case itself is a challenge to a one-off tax on offshore profits from the Trump administration

but experts say the decision could have a domino effect they're calling it the most important tax case in decades.

...