Stock markets drop and mortgage rates rise as Fed signals fewer interest rate cuts

On December 19, stock markets fell sharply after the Federal Reserve indicated fewer interest rate cuts in 2025. Mortgage rates also increased despite the Fed's recent cut. California has declared a state of emergency due to bird flu, which has now resulted in the first severe human case in the U.S. In other news, a government funding plan has collapsed amid new demands from former President Trump. A nationwide strike against Amazon by Teamsters is set to begin Thursday.