CNBC's Steve Liesman reports on news regarding the U.S. Treasury.

Washington

The U.S. Treasury announced a record budget deficit of $284 billion for October, with the figure affected by a $105 billion calendar shift that moved some expenses from November into October. Revenue was also boosted by delayed tax payments from California, while customs duties reached an all-time monthly high of $33 billion and gross interest on public debt rose to $104 billion for the month.

The Treasury's report, delayed by a government shutdown, also noted a significant increase in the probability of a Federal Reserve rate cut following comments from New York Fed President John Williams. Market expectations for a near-term rate cut rose from 33 percent to 76 percent after Williams suggested the Fed may need to lower rates soon.

U.S. Treasury reports an October record deficit of $284B

And it's a fresh read on the nation's fiscal health. The aforementioned Steve Leesman with those headlines and could probably also talk about the Fed. Steve. Yeah, Brian, thanks for that introduction. The Treasury reporting that the deficit, it's an October record of $284 billion, but with a bunch of asterisks, I think that's the plural, expenses were boosted by a calendar change, moving some stuff from into October from November of about $105 billion. So that's also an issue, but they were reduced also less than 5% by the shutdown. Some payments they didn't have to make. Revenue was boosted by delayed payments from California. Remember, they delayed the requirement that certain payments, corporate tax payments and other payments to me because of the wildfires. So we got a bunch of that in. So that changed the numbers. Custom duties. I don't think there's an asterisk on this one. They reached an all-time record for any month at $33 billion. So do the math. That's about $400 billion per year in tariff revenue coming in. The previous high was last month at $29.6 billion. Now, another thing on the other side, grossed interest on the public debt, increasing by $22 billion to $104 billion in October compared to $82 billion last October. It was an all-time record for an October, but not for any month due to increased debt outstanding as well as higher inflation accrual. Brian, just a little note. This report itself was delayed by the shutdown. Should have been out a couple of weeks ago. OK, can I pivot quickly? You just heard our conversation. How much have expectations? Keep your one foot, keep your foot down and then pivot so you don't get called for traveling. I get called for everything, mostly double dribble and ups and downs because I've got a four inch vertical. Steve, how much has the Fed rate cut chances? How much have they pivoted in the last couple of days? See what I did there? OK, so before John Williams spoke, the probability of a rate cut was 33 percent. And we had been talking to a lot of the hawks out there. They had been talking a lot. And then John Williams came forward and said he thought the Fed needed to cut in the near term, which everybody took to mean December. And also everybody took to mean, hey, that was reflecting the view of Fed Chair Powell because, hey, he's the president of the New York Fed and oftentimes there's no daylight between them. So now I'm at 76 percent. I don't have the 85 that you were talking to, but we use the refinitive numbers. You can be talking about CME. But, yes, it's a big deal. It has moved substantially and very forcefully in favor of a rate cut.

Firefighting and rescue missions continued into Thursday for a second day after a massive fire broke out in Hong Kong, gripping a complex of seven high-rise residential buildings. At least 55 people were killed and dozens more were injured in what is the worst fire to hit the territory in decades.

Tai Po District

Death toll rises to 55 as blaze rips through Hong Kong tower complex

A Peruvian court on Wednesday (November 26) sentenced former President Martin Vizcarra to 14 years in prison after finding him guilty of taking bribes years before he took office, adding to a list of former leaders jailed for corruption.

Lima

Peru sentences ex-President Vizcarra to prison for corruption

Two National Guard members were shot dead near the White House in Washington D.C. A suspect was taken to hospital with injuries related to a gunshot.

Two National Guardsmen in critical condition after Washington shooting

The death toll in a fire that engulfed several high-rise apartment buildings in Hong Kong has risen to at least 36, authorities say, with more than 275 others still unaccounted for. Hong Kong leader John Lee confirmed the updated death toll early on Thursday.

Death toll in Hong Kong residential high-rise fires rises to 36

A suspect is in custody and the scene is secured after a shooting mere blocks from the White House in Washington, D.C., police said Wednesday. DHS Secretary Kristi Noem said two National Guardsmen had been shot.

Suspect in custody after National Guardsmen shot in Washington, D.C.

Brazil's Supreme Court on Tuesday ordered far-right former president Jair Bolsonaro to begin serving a 27-year sentence for plotting a failed coup, after he exhausted all appeals.

Rio de Janeiro

Brazil's Bolsonaro begins 27-year jail term for coup bid

A fire in a Hong Kong residential complex killed 13 people and injured 15 others. The blaze rapidly spread through bamboo scaffolding, leading to the evacuation of 700 residents.

Tsim Sha Tsui

Thirteen dead as blaze engulfs Hong Kong residential complex

Brazil's Supreme Court on Tuesday (November 25) ordered former President Jair Bolsonaro to begin a prison sentence of more than 27 years for plotting a coup in 2022, according to a court document.

Brasília

Brazil's Bolsonaro to start 27-year prison sentence for coup plot

President Trump says only a few "points of disagreement" remain on a possible deal to end the war between Russia and Ukraine. The president says he will meet with the leaders of both countries only when the deal is in its final stages.

Trump optimistic on Russia-Ukraine peace deal despite recent strikes

The FBI has launched an inquiry into six Democratic lawmakers after President Trump accused them of “seditious behavior” for appearing in a video encouraging U.S. service members to refuse unlawful orders.

FBI probes Democrats over video urging troops to refuse illegal orders

President Donald Trump's administration has ramped up pressure on Venezuelan President Nicolás Maduro by designating the Cartel de los Soles as a foreign terrorist organization. But the entity that the U.S. government alleges is led by Maduro is not a cartel per se.

Caracas

U.S. labels Maduro-tied Cartel de los Soles as terror organization

The head of Sudan's Rapid Support Forces (RSF), General Mohamed Hamdan Dagalo, said late on Monday (November 24) that his paramilitaries would immediately enter into a three-month humanitarian truce in its conflict with the country's armed forces.

Khartoum

Sudan's RSF paramilitary says it will enter into ceasefire

A U.S. official tells CBS News that Ukraine has agreed to a peace proposal brokered by the Trump administration, but some details still need to be sorted out. CBS News' Holly Williams reports.

Kyiv

Ukraine Invasion

Ukraine agrees to peace proposal with Russia, U.S. official says

The Gaza Humanitarian Foundation, the U.S.- and Israeli-backed organization to distribute aid in Gaza, said on Monday (November 24) it was ending its operations after months of criticism over the deaths of hundreds of Palestinians trying to reach GHF hubs.

Tel Aviv-Yafo

Divisive U.S.- and Israeli-backed Gaza aid group ends operations

Darfur

Sudan's RSF paramilitary says it will enter into a ceasefire

Chauncey Billups, who was serving as head coach of the Portland Trail Blazers until his suspension, pleaded not guilty on Monday to charges related to alleged rigged high-stakes poker games.

Chauncey Billups pleads not guilty to charges

The Kremlin on Monday (November 24) said that a European counter-proposal to a U.S. 28-point peace plan for Ukraine was not constructive and that it simply did not work for Moscow.

Moscow

Kremlin rejects revised European peace plan to end war in Ukraine

A federal judge has dismissed the criminal cases against former FBI Director James Comey and New York Attorney General Letitia James on the grounds that Lindsey Halligan, the interim U.S. attorney who secured their indictments, was unlawfully appointed to the role.

Cases against James Comey, Letitia James dismissed

At least 90 people have died in a week of torrential rain, flooding and landslides in south-central Vietnam, authorities said. Popular tourist areas have been heavily hit, with parts of Nha Trang submerged and deadly landslides cutting off roads near Da Lat.

Nha Trang

Vietnam flooding kills at least 90

The Trump Administration is ramping up pressure on Venezuela as the Air Force conducted a simulated nighttime attack along the country's coast. Charlie D'Agata has the latest.

Trump ramps up pressure on Venezuela with nighttime Air Force attack

Israel killed Ali Tabtabai, the acting chief of staff of militant group Hezbollah, in an airstrike on a southern suburb of Beirut on Sunday, the Israeli military said.

Beirut

Middle East Conflict

Israel kills Hezbollah military leader in Beirut strike

While Russia and Ukraine continue to exchange daily drone fire, an updated peace framework is being worked out in Geneva between Ukraine, the US and European partners.

Ukraine upholds red lines as Geneva peace talks continue

Álvaro García Ortiz's decision came less than a week after he received a two-year suspension and a fine for disclosing private information about the partner of an opposition politician.

Madrid

Spain's attorney general resigns after conviction over data leak

U.S. President Donald Trump's Department of Government Efficiency has been disbanded with eight months remaining in its mandate, and Office of Personnel Management Director Scott Kupor has told Reuters that the cost-cutting body now "doesn't exist".

DOGE 'doesn't exist' with eight months left on its charter

Al-Burhan rejected a new truce proposal from US envoy as the “worst yet”, accusing the Quad mediators of bias due to the UAE’s involvement.

Al Fashir

Sudan’s army chief rejects quad truce proposal as ‘worst yet’

Three suicide bombers and three security personnel killed in attack on the Federal Constabulary headquarters in Peshawar, media reports say.

Peshawar

Six killed in suicide attack on security complex in Pakistan

The attack which Israel says to have killed chief of staff Haytham Tabtabai in the southern suburbs of Beirut also killed four other people and injured 25.

Israel says to have killed top Hezbollah official in strike on Beirut

UK Prime Minister Keir Starmer suggested that former Prince Andrew should testify before the U.S. Congress as part of its ongoing investigation into Jeffrey Epstein. Starmer did not discuss Andrew’s case directly but said, as a matter of principle, everyone involved should cooperate with the inquiry.

London

Starmer says former Prince Andrew should testify in Epstein probe

About 50 schoolchildren aged 10–18 who were abducted in Niger state, Nigeria, have escaped, authorities confirmed. They fled individually between Friday and Saturday, according to the Christian Association of Nigeria, which runs the school. Officials continue to track those still missing.

Niger

50 abducted Nigerian schoolchildren escape, authorities say

The first G20 summit to be held in Africa has been labelled a "triumph of multilateralism," as leaders from the world's more powerful economies came together in Johannesburg. South African leader Cyril Ramaphosa used his presidency to highlight the priorities of Africa and the global south.

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