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Investors await the Federal Reserve minutes, Cathie Wood defends her Bitcoin target and Credit Suisse warns of losses. All eyes are on minut [View in browser]( [Bloomberg]( Investors await the Federal Reserve minutes, Cathie Wood defends her Bitcoin target and Credit Suisse warns of losses. Fed peak All eyes are on minutes of the Federal Reserve’s November meeting, which are expected to show the extent of[consensus over the higher peak]( for interest rates. Earlier this month, Chair Jerome Powell told reporters that rates would probably have to go higher than the central bank’s quarterly projections in September, which showed a peak of 4.5% to 4.75% . Investors see rates topping out at around 5% next year, according to pricing in money markets. Crypto roundup Top partners at Sequoia Capital [apologized]( to investors for backing FTX, whose bankruptcy had its first US court hearing. Former CEO Sam Bankman-Fried in a letter outlined a [crash]( in collateral to $9 billion from $60 billion. Meanwhile, ARK Investment Management CEO Cathie Wood is sticking to her Bitcoin target of $1 million by 2030, saying that the cryptocurrency is “coming out of this [smelling like a rose.](” Credit Suisse [Credit Suisse clients pulled]( as much as 84 billion Swiss francs ($88.3 billion) from the bank during the first few weeks of the quarter. The lender also warned that it will face a loss of as much as 1.5 billion Swiss francs for the final three months of the year, partly as a result of the decline in wealth and asset management client funds from the start of October to Nov. 11 — potentially the worst exodus since the financial crisis. “Credit Suisse needs to restore trust as fast as possible - but that is easier said than done,” said Andreas Venditti, banking analyst at Bank Vontobel AG in Zurich. Quiet markets S&P 500 and Nasdaq 100 futures were little changed as of 5:41 a.m. in New York. The Bloomberg Dollar Spot Index was flat, spurring mixed trading among Group-of-10 currencies as the Norwegian krone led gains while the Canadian dollar lagged. Treasuries were also little changed in European trading, having been closed in Asia due to a holiday in Japan. Oil climbed while gold fell, and Bitcoin advanced for a second-straight day. What are your Black Swan and White Swan scenarios for next year? Share your views in the latest MLIV Pulse survey [here](. Coming up… At 7 a.m., we’ll get mortgage applications data, followed by durable goods and jobless claims figures at 8:30 a.m. Readings on manufacturing and services gauges are due at 9:45 a.m., followed by the University of Michigan sentiment gauge 15 minutes later. The Fed minutes will be published at 2 p.m. What we’ve been reading Here’s what caught our eye over the past 24 hours: - [Violent protests]( erupt at Apple’s main iPhone plant in China - Trump reported [losses of $900 million]( in two years, accountant tells jury - [Elizabeth Holmes may serve]( her sentence at a Texas prison camp - Fifth Avenue takes the crown for [most expensive retail districtÂ]( - [Manchester United]( may be up for sale - Can Nigel Farage [make you rich](? - [Best luxury gifts]( for people who have everything And finally, here’s what Joe’s interested in this morning Anytime you hear the phrase "zombie company" you should consider running the other way. Technically speaking, the term refers to companies that are unviable or structurally unprofitable, that can only survive thanks to borrowing more money cheaply. But there's almost always a heavy dose of politics associated with the term, with the insinuation that there are all these legacy institutions out there that are bloated and corrupt, dependent on easy money, while hoarding resources that would be better employed by newer, and more dynamic, but less politically connected firms. [On the latest episode of the Odd Lots podcast](, we speak with the famous short seller Jim Chanos about tech, crypto, and much more. While everyone's focused on crypto fraud these days, he sees a much more pervasive fraud out there in terms non-standard accounting measures, which help mask massive amounts of share-based compensation among firms, particularly tech companies. Of course, when all the lines are going up, very few people really care much about all the stock that gets issued to employees. Everyone's getting rich, so whatever. But on the way down, the gears turn in reverse. The shares are recognized as dilutive at a time when investors in the company are looking for profits. So going back to zombie companies. Again, the connotation is usually that they're the old, corrupt, incumbent players dependent on borrowing cheap money. But with financial conditions having tightened so much, it's the newer, tech companies that have gotten hit the hardest. Sure, most tech companies aren't debt financed, so we don't think of them as being at the trough of cheap borrowing. But when you persistently need to tap equity markets to survive (which is what paying employees so heavily in stock means) then a fall in share prices might as well be a rise interest rates. So here you have numerous companies that are unprofitable, by any accounting measure. And their very survival is predicated on a forgiving and generous stock market. And on top of that, they've accumulated incredibly important capital, in the form of engineers and designers who could be working elsewhere in the economy. (They've also arguably been hoarding scarce computing power). [So once again](, it sounds like so many tech companies were the real zombies that are now getting washed out. Check out the Chanos interview on [Apple](, [Spotify]( or elsewhere. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwartÂ]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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