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Good morning. PSA from Brew writer/Thanksgiving virtuoso Alex Hickey: Consider this a friendly reminder that if your frozen turkey isn’t already thawing, you’re running against the clock. Some other things you can knock off the to-do list tonight so Thursday is a breeze? Make your pie crust, make the roux for your gravy, cube and dry out the bread for your stuffing, and pre-assemble any casseroles. Simple enough.

MARKETS NASDAQ 11,880.63 + 0.22% S&P 3,577.59 + 0.56% DOW 29,591.27 + 1.12% GOLD 1,835.20 - 1.99% 10-YR 0.855% + 2.50 bps OIL 42.84 + 0.99% *As of market close Markets: Stocks were propelled higher by positive news from the world of economic data and the world of vaccine development. In the tug-of-war between gloomy near-term outlook and brighter long-term outlook...optimism rules the day. Transition: The head of the General Services Administration, Emily Murphy, told President-elect Joe Biden in a letter that the Trump administration was ready to offer resources to Biden’s team and begin the formal transition process.

ECONOMY Congrats If You Had Yellen Moneyline

Alex Wong/Getty Images With all due respect to Gordon Hayward, Janet Yellen will become the hottest free agent signed this offseason. President-elect Joe Biden is expected to nominate the former Fed chair as the next Treasury secretary, the WSJ first reported.  It's a history-making pick. If confirmed, Yellen will become the first woman to lead the Treasury Department. And she'd be the only person ever to occupy the country's top three economic policymaking positions: Fed chair, chair of the Council of Economic Advisers, and Treasury secretary—the financial EGOT.  Quick scroll through Yellen's LinkedIn Education: Undergraduate economics degree from Brown and a PhD in economics from Yale. Work highlights: In the 1970s, she first joined the Fed's Board of Governors as an economist. She led the Council of Economic Advisers under President Clinton in the late '90s, and served as Fed chair from 2014–2018.  Skills: Experienced, organized, and well-respected among the global financial elite. Biden said his Treasury secretary pick would please those across the Democratic party, and Yellen is it.  What does a Treasury secretary even do?  Think of this role as the CFO of the United States. Yellen will advise the president on a broad range of economic issues, from public debt to international sanctions.  Of course, Yellen's first couple months will be preoccupied with one objective: putting this coronavirus-induced recession in the rearview. Throughout the pandemic, Yellen has called for more spending from Congress to alleviate the suffering of Americans.  What else will be on her agenda?  Managing the U.S.' economic relationship with China Helping Biden craft tax proposals The future of Freddie Mac and Fannie Mae  Zoom out: As Biden's Cabinet comes into view, it's clear he's favoring seasoned vets over hot-shot rookies. Yesterday, we also learned he's tapping longtime foreign-policy adviser Antony Blinken as secretary of state and former Secretary of State John Kerry as special presidential envoy for climate.

PHARMA This Vaccine Is Not Like the Rest

Getty Images Yesterday, a third major Covid-19 vaccine, co-developed by AstraZeneca and Oxford University, posted promising results from late-stage trials. The vaccine was 62% effective when delivered as two full doses a month apart, and 90% effective as a half dose followed by a full dose.  AstraZeneca is still conducting additional analysis, but it's planning on seeking early or emergency approval from global regulators. If it gets the nod, AstraZeneca could have a two-dose shot ready by year-end and 3 billion doses next year.  The really exciting bit: AstraZeneca's vaccine can be stored at fridge temperatures for at least six months, making it easier to distribute than Pfizer's or Moderna's. And because it uses more traditional vaccine methodology (Pfizer's and Moderna's are mRNA-based), it can be shipped out through existing distribution systems. Zoom out: This is huge news for the developing world. AstraZeneca doesn't plan on profiting from its vaccine and will distribute doses at cost (a few bucks a pop). The company has committed 300 million doses to a WHO initiative for equitable vaccine access and another 1 billion for developing countries.

TECH Social Media Product Development Meetings

Toby Howell Snapchat announced yesterday it's rolling out a short-form video competitor to TikTok in 11 countries, including the U.S. Meet "Spotlight" Snap's TikTok clone lives in its own tab within the app and will allow users to create vertical videos of up to 60 seconds that can be spiced up with music and visual effects, like Snap's filters. Snapchat is Snapifiying it, though: Spotlight user profiles will be private by default and, as of now, the company is barring reuploads of videos originally posted to TikTok. It wants to ensure the content you see on Spotlight was created specifically for Spotlight.  To make sure that Spotlight content gets created, Snap is adopting the "pay people a ridiculous amount of money" approach. Snap is dishing out $1 million per day to creators who pump out the best-performing videos on the platform. Bottom line: Snap, whose "Stories" feature has been famously copied by Instagram, Linkedin, Twitter, and more, is finally getting its first taste of playing catch-up.

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AUTO GM Makes a Tight U-Turn

Bill Pugliano/Getty Images The quadrennial changing of the White House guard can quickly reshuffle business allegiances. Yesterday, GM CEO Mary Barra pulled her company's support for a Trump administration lawsuit against the state of California.  The backstory: In September 2019, President Trump tried to revoke California's ability to set stricter emissions standards than those imposed by federal regulators. California, the U.S.' largest auto market, generally passes tighter regulations that set the tone for other states and automakers. GM joined Fiat Chrysler, Toyota, and several smaller automakers in supporting the White House. The coalition argued inconsistent regulations between states would drive up prices.  Barra had also previously asked the president to weaken federal tailpipe pollution standards set by the Obama administration (a rollback that was finalized in March). Looking ahead…Barra is trying to buddy up to Biden, who's made supporting the electric vehicle industry a priority for his administration. GM has been going all-in on electric, and last week upped its planned investments in electric and autonomous vehicles to $27 billion over the next five years.  + While we’re here: Potentially faulty air bags are forcing GM to recall 7 million pickup trucks and SUVs. It’ll cost the automaker an estimated $1.2 billion.

CRYPTO If Bitcoin Is Shrek, Ethereum Is Donkey

Giphy Bitcoin is flirting with all-time highs, but that other cryptocurrency you might have heard of, Ethereum, has actually been outperforming big, bad bitcoin over the last 12 months. Alts are also rockin’ Bitcoin is the biggest, but hardly the only, cryptocurrency out there. Alternative coins (altcoins) like Ripple and Litecoin have been trending upwards in part because they're drafting on bitcoin's months-long bull market. Broadly speaking, "Bitcoin leads and the altcoins follow," Peter Wall, CEO of London-based Argo Blockchain, told CNBC. Ethereum, in particular, is having a banger of a 2020 because of the hype around DeFi. DeFi = Decentralized Finance, a movement to build decentralized versions of traditional financial instruments like lending platforms, options trading, and currency exchanges. DeFi systems are typically built using Ethereum's blockchain technology.  Zoom out: Altcoins in general have a stigma because of the lack of regulation and a laundry list of horror stories involving scammy coin offerings. But, as DeFi gains more traction and institutional investors warm up to bitcoin, altcoins could benefit.

WHAT ELSE IS BREWING The National Retail Federation said retail sales in November and December could be up to 5.2% higher than last year. Tesla's stock price continues to climb. The company is now worth nearly $500 billion and is set to make its S&P 500 debut later next month.  Clorox is shipping almost 1 million packages of wipes to stores every single day. Billionaire investor Steve Cohen is making a splash on Twitter as the new owner of the NY Mets. Relativity Space, a 3D-printed rocket startup, raised $500 million.

BREW'S BETS The steaks are high...quality. ButcherBox delivers delicious meat at an amazing value straight to your door. And now, new members get six free grass-fed, grass-finished steaks added to their first order. Click for yum yum.* The only pants better than no pants. Vuori’s Sunday Performance Jogger gives traditional comfy pants a much needed upgrade. Lightweight and soft, they’re perfect for hiking, running, or chilling on the couch. Get 20% off your first order today.* Stay in-the-know. If you’re the type of person who’s curious about the latest drama at city hall, crime spikes in your area, or local biz heroes, this app is your best bet for local news.   Tech Tip Tuesday: The biggest Snapchat news may be its new TikTok copycat, but did you know you can also scan food and wine labels on the app? MVP recipes: If you were impressed by Alex Hickey’s attention to culinary detail at the top of this newsletter, just wait until you read her epic Thanksgiving recipe guide.  *This is sponsored advertising content

FROM THE CREW Dept. of Warm Fuzzies 2020 has been so challenging, we probably don't need to end this sentence with an explanation on why it's been challenging. Aside from Dolly Parton and anyone who bought Zoom stock in January, this year has been one of the worst in recent memory for many.  But maybe...and hear us out...not completely? We've seen a few diamonds in the rough and silver linings in the storm cloud, plus we've added some new clichés to our repertoire.  For example: Some Brew Crew members adopted pets (and plants), while others paid off their student loans. A few of us even got in shape.  As we head toward Thanksgiving, the holiday where we express gratitude, we want to ask you: What unexpected gems have fallen into your lap in 2020? What brought you joy this year? Tell us here, we'll share some reader responses in tomorrow's newsletter, and we can all get weepy together.

GAMES Treasury Trivia Who was the U.S.' first Treasury secretary?

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ANSWER His name is Alexander Hamilton.

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November 24, 2020

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Trump Administration To Start Transition Process For Biden Read now »

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ALSO BORN ON THIS DAY

1946 Ted Bundy American serial killer 1978 Katherine Heigl American actress 1925 William F. Buckley, Jr. American editor 1784 Zachary Taylor president of United States 1632 Benedict de Spinoza Dutch-Jewish philosopher 1864 Henri de Toulouse-Lautrec French artist

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November 24

FEATURED BIOGRAPHY Henri de Toulouse-Lautrec READ MORE   FEATURED EVENT 1642 Dutch discovery of Tasmania READ MORE

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MORE EVENTS ON THIS DAY 2001: The Grand National Assembly of Turkey ratified changes to the country's legal code that made women equal to men before the law and no longer subject to their husbands. [Take our quiz about Turkish and Ottoman history.] 1998: Queen Elizabeth II, speaking at the annual ceremonies opening the British Parliament, announced that the right of hereditary peers to vote in the House of Lords would end, though compromise legislation later allowed 92 hereditary peers to remain in the Lords. [ Test your knowledge of English royalty.] 1971: A man later known as D.B. Cooper hijacked a plane shortly after departing from Portland, Oregon, and later parachuted out of the aircraft with the ransom money; despite an extensive manhunt, he was never identified or caught. [Test your knowledge of criminality and famous outlaws.] 1877: Shortly before her death, Anna Sewell published her only novel,Black Beauty , the first major animal story in children's literature. [How much do you know about children's authors?] 1963: Dallas nightclub owner Jack Ruby fatally shot Lee Harvey Oswald, the accused assassin of U.S. President John F. Kennedy. [Read our list of nine infamous assassins and the world leaders they dispatched.] 1947: The Hollywood Ten, a group of motion-picture producers, directors, and screenwriters who appeared before the House Un-American Activities Committee in October 1947, were found in contempt of Congress. [Sort fact from fiction in our quiz about film.] SEE ALL EVENTS ON THIS DAY

Columnists A Lot of Progressives Are About to Experience the Brutal Truth about the 2020 Election Matt Vespa The Year of the (Republican) Woman Derek Hunter Centrist Democrat Tim Ryan Concerned About His Party: 'Our Brand Is Not Good' Salena Zito Paris Climate Treaty Puts America Last Stephen Moore More Like 1876 Than 2000 Fred Lucas What Trump Will Leave in Biden's Inbox Pat Buchanan Even Now, the True Spirit of Public Service Lives on in Wayne County, Michigan Phill Kline The Bad and the Good Bill Murchison When It Comes to Election Fraud, It's 'Hear No Evil, See No Evil, Speak No Evil' Nicholas Waddy ADVERTISEMENT What Would Biden’s Health Care System Look Like? Christina Herrin Why Won’t They Listen? Julie Gunlock Video Gov. Evers: Saying Abortionists 'Execute Babies' Is 'Blasphemy' Trump blasts Schiff as 'political hack' Pelosi's condescension offers some laughs Pelosi open to border infrastructure INVESTING Covid-19 Lockdowns Bite The Big Apple Investors Should Stick With Stocks In These Uncertain Times Student Loan Forgiveness Is Redistribution From The Poor To The Rich How A Failed Commune Gave Us What Is Now Thanksgiving

Tipsheet Giuliani Explains the Trump Campaign's Split With Sidney Powell Leah Barkoukis Americans Across the Nation Are Rising Up Against Draconian Lockdowns Beth Baumann The Absurd Reason the AP Put a Target on a Congresswoman-Elect Beth Baumann Gov. Tom Wolf Delivers a Buzzkill to Pennsylvanian's Thanksgiving Plans Beth Baumann Yikes: Hundreds of Bodies Are Sitting in Makeshift Morgues in NYC Beth Baumann BREAKING: President Trump Approves Transition Resources For Biden Team Katie Pavlich Gov. Andrew Cuomo Calls Sheriffs Who Won't Enforce His Thanksgiving Restrictions Dictators Julio Rosas Dianne Feinstein Paid the Price for Being Too Nice to Amy Coney Barrett Matt Vespa Poll: Overwhelming Majority Back GOP Senate Majority Reagan McCarthy What's Odd About That Story of a Nurse Who Trashed Her Dying COVID Patients Matt Vespa ADVERTISEMENT Political Cartoons Bearing Arms Media Warns Of "Battle" Over Gun Control In Texas | Tom Knighton 49 Firearms Stolen From Michigan Gun Store | Tom Knighton DA: Sheriff's Officials Wanted Luxury Box Access, iPads For Carry Licenses | Cam Edwards Concealed Carry Delays Growing As Another Round Of Shutdowns Begin | Cam Edwards How Many Members Of Congress Are Armed On The Job? | Cam Edwards

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What Would You Do Against An Active Shooter? The previously undisclosed techniques revealed in a brand-new shooting system will make you a better shooter than 98% of the trained police and law enforcement personnel in this country Read More › Biden's latest creation: a 'Climate Czar' position for a familiar face Democratic presidential nominee Joe Biden is reportedly considering former Secretary of State John Kerry for a newly-created position to... Read More › Remember Obama's promises to transform America? Here's Biden with the same one When Joe Biden boasted he was going to beat President Trump he assured all: "And when we do, we won't just rebuild this nation – we'll... Read More › 7 Things That Used To Be "Crazy Conspiracy Theories" Until 2020 Happened Authored by Daisy Luther via The Organic Prepper blog, Remember back in the old days of, say, 2019, when anyone who talked about microchip... Read More › (THE COLLEGE FIX) -- A New York Times op-ed admits that President Donald Trump was right all along when he said repeatedly during the late spring and summer that it was time to reopen the schools in... Read More › N.Y. Times op-ed admits: Trump was correct, reopen the schools Trump Tells GSA To Allow Biden Transition "In The Best Interest Of Our Country" In what is the closest words yet to a concession, President Trump agreed to let GSA proceed with the Biden administration transition. In a... Read More ›