Economics/Class Relations

Israel’s next steps

October 11, 2023 • 5 min read
with Dan DeFrancesco
Good morning. Jimmy Buffett’s legacy knows no bounds. Inspired by the musician’s famous song “Margaritaville,” scientists named a new species of sea snail “cayo margarita” after discovering it in the Florida Reef.

In today’s big story, we’re looking at the latest developments in Israel’s war with Hamas, including Israel’s devastating airstrikes and a potentially complicated ground invasion of Gaza.

What’s on deck:
But first, the fight continues.


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Momen Faiz/NurPhoto via Getty Images
The big story
On the front line

Around the globe, all eyes remain on the war in Israel.


The images and stories coming out of the region in the wake of Hamas’ unprecedented attack on Israel have been heartwrenching. And as Israel ramps up its retaliation, things continue to escalate.


One volunteer in Israel described the region around Gaza as “walking into a horror movie.” And a CNN correspondent got choked up on air detailing a visit to a bloodstained bunker near a music festival that Hamas attacked. In total, over 1,000 people were killed in the attacks.


Israel’s counteroffensive has already begun, with the country’s defense minister announcing a “complete siege” of Gaza on Monday that included cutting off electricity and the flow of food, water, and supplies. Photos show neighborhoods in Gaza reduced to rubble, with one resident telling Insider’s Kelsey Vlamis that he and his family have spent more than 24 hours on the move. One advocacy group estimates civilians in Gaza could run out of food in less than a week.

Insider’s Chris Panella has more on Israel’s airstrikes against Hamas militants, including its use of US-made weapons, according to open-source accounts. Palestinian officials have said at least 830 people have died since the airstrikes began, including at least 260 children.

Photo by Amir Levy/Getty Images
Israel seems to be preparing for a ground invasion of Gaza as it looks to strip Hamas of its military and governing capabilities. 


However, despite having one of the world’s most powerful militaries and being backed by the US, that will be no easy task given the urban environment. Insider’s Jake Epstein spoke to war experts about the complexities of fighting on the ground in Gaza.


Meanwhile, the US is reportedly considering sending a second aircraft carrier to join the Navy’s newest supercarrier into waters near Israel. Insider’s Elias Chavez has a complete rundown of the military support the US is sending toward Israel.


Back in the States, analysts are warning the war could impact the Fed’s ongoing fight with inflation. A key figure to watch to understand the war’s impact, according to CIBC Private Wealth US’s CIO David Donabedian, will be the price of oil.


The Israel war is also impacting another conflict: Russia’s invasion of Ukraine.


According to one report, Ukrainian intelligence accused Russia of giving Ukrainian weapons to Hamas fighters to undermine international support for Ukraine. And US officials told The Washington Post the White House might combine Ukrainian and Israeli aid requests in a single package to attract support from Republican lawmakers.


If the war in Israel drags on for weeks, it could eventually divide Democrats in Congress in something that mirrors the GOP discord over Ukraine, writes Insider’s Bryan Metzger.

For the most up-to-date information on the war in Israel, follow our coverage here.

3 things in


🔔 Before the opening bell: US stock futures rise early Wednesday as investors await September’s producer price index report

REUTERS/Brendan McDermid
1. How to make the most of the bond market sell-off. Rising interest rates have been a bummer for bonds, but there’s a light at the end of the tunnel. Whether through a general bond fund or Treasuries, market experts mapped out how and when to dive into the fixed-income market.


2. Elite investor Jim Rogers highlights the US economy’s warning signs.  George Soros’ former business partner is worried about US government debt, de-dollarization, and overvalued markets. The result is “somebody’s going to suffer,” the cofounder of Quantum Fund and Soros Fund Management said in a recent interview.


3. The end of the Fed’s rate hikes could be near. Atlanta Fed President Raphael Bostic indicated additional rate hikes might not be needed. Meanwhile, Dallas Fed President Lorie Logan pointed to high bond yields helping to cool the economy, which would lessen the need for another hike from the Fed.

3 things in
1. Caroline Ellison testified in the criminal case against Sam Bankman-Fried. She’s the former Alameda Research CEO and used to date the FTX cofounder. Ellison revealed that SBF thought he had a 5% chance of becoming president. Plus, she said he didn’t pay her enough attention during their relationship.


2. X CEO Linda Yaccarino bails on a Wall Street Journal conference after her trainwreck live interview last month. She was mocked after seeming unprepared at the Code conference. X said Yaccarino is skipping the WSJ event to focus on “X platform safety” amid the crisis in Israel.


3. Tech CEOs and workers are volunteering and being conscripted for Israeli military service. The Israeli government has called up a record 300,000 reservists as it prepares for an offensive against Gaza. This has led to techies finding themselves on the front lines.

3 things in
Arantza Pena Popo/Insider
1. “I entered a bidding war to land an apartment. It was way more brutal than I expected.” Multiple offers have long been part of homebuying. But one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals.


2. eBay’s first chief AI officer is building tools to change how people shop online. The company is innovating for both buyers and sellers on the platform. And Nitzan Mekel-Bobrov expects AI to “completely transform e-commerce” in three main phases.


3. Boomers are spending big bucks with a “live-for-today attitude” that’s boosting the economy. Boomers only make up one-fifth of the population. But they have about half of the combined net worth. Plus, they’re currently spending more than ever.


In other news



What’s happening today
  • House Republicans will vote today on a new speaker. They’ll hold an internal vote. Announced candidates so far include Louisiana Rep. Steve Scalise and Ohio Rep. Jim Jordan.
  • The Chicago International Film Festival kicks off today. Psychological thriller “Saltburn” is the 59th annual festival’s centerpiece film.
  • Earnings today: Tata Consultancy Services, and other companies.


Rachael Brennan
For your bookmarks
Sam’s Club essentials
“I drive 2 hours to go to Sam’s Club every month. Here are 10 things I always get there for my family.” Her go-to products include petite carrots and chocolate-chunk cookies.
The Insider Today team

Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.


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