(Bloomberg) -- Welcome to the weekend.

Tired of uncertainty? We finally know the balance of power in Congress, as the road to the 2024 US presidential race takes shape with one very familiar face and a likely historic first.

First up, today’s annual meeting of the Republican Jewish Coalition in Las Vegas will give us an early sighter of the two heavyweights in what’s set to be a long and verbose slugfest.

Turmoil in the cryptoverse shows no sign of letting up. FTX’s bankruptcy filing revealed a “complete failure of corporate controls” that shocked even the man who liquidated Enron. You can read key nuggets here. Now, regulators are seeking crypto whistleblowers, lawmakers are asking questions and the Bahamas — former FTX head Sam Bankman-Fried’s haven — faces scrutiny.

And things aren’t exactly going great in Elon Musk’s world. His ultimatum for Twitter employees to commit to a “hardcore” work environment prompted an unexpectedly big exodus that potentially puts operations at risk from bugs and hacks. But tech’s loss may be the auto industry’s gain. Musk’s official line is that Twitter’s reorganization is almost done, but in Washington, his $44 billion takeover faces US government scrutiny over national security concerns.

Social media reacted with undisguised glee at the sentencing of Elizabeth Holmes, ordered to spend more than 11 years in prison for fraudulently building her blood-testing startup Theranos into a multibillion dollar company that collapsed in scandal. If Holmes really did say, “They don’t put pretty people like me in jail,” she didn’t just underestimate the legal system; she misunderstood what schadenfreude is all about.

Squaring Wall Street, the real economy and the running commentary on interest rates isn’t getting easier. While the S&P 500 fell only 0.7% this week, investor dreams of a pivot in the Fed’s inflation fight are fading. Instead, money managers are increasingly betting on a US recession alongside still-elevated inflation, although there’s no consensus on how the central bank will ultimately handle the balancing act. Oh, and pencil in a showdown over the federal debt-ceiling next year.

Qatar’s last-minute ban on inside-or-near-the-stadium beer sales at the World Cup won’t ruffle fans with access to hospitality suites, though it leaves Anheuser Busch InBev sitting on a Budweiser marketing headache and a small lake of unsold beer. If you’re home, you can pop open a cold one for the Qatar-Ecuador opening game on Sunday or Team USA’s debut against Wales on Monday. As for team jerseys, you’re most likely to see Nike in action.  

The COP27 summit in Egypt focused attention on divisive issues such as how to compensate the poorest countries for damage caused by climate change. But what happens when one of those countries becomes flush with oil riches and has money to deploy? Listen to the Big Take podcast.

Enjoy the rest of your day, and we’ll be back tomorrow for a look-ahead to next week’s excitement.

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