October 9, 2023
United States:
Fed’s Logan Says Higher Yields May Mean Less Need to Raise Rates
Federal Reserve Bank of Dallas President Lorie Logan said the recent surge in long-term Treasury yields may mean less need for the US central bank to raise its benchmark interest rate again.
“Higher term premiums result in higher term interest rates for the same setting of the fed funds rate, all else equal,” Logan said Monday in remarks prepared for a speech at the National Association for Business Economics meeting in Dallas.
Europe:
German Industrial Production Shrinks for Fourth Month
German industrial output fell for a fourth month in August as factory weakness weighs on Europe’s biggest economy.
Production declined 0.2% from July, led by construction and energy, the statistics office said Monday. Economists in a Bloomberg survey had estimated a fall of 0.1%. The index for output recorded its lowest level this year.
Asia:
China Holiday Data Show Slower-Than-Expected Economy Rebound
Chinese consumers traveled and spent less over the Golden Week holiday than the government had hoped, while lukewarm home sales stirred concerns about whether more support will be needed to bolster economic growth.
The nation recorded some 826 million domestic trips over the eight-day vacation period that concluded Friday, bringing in some 753.4 billion yuan ($103 billion) in revenue, official data showed.
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