2023.11.8 Today’s Focus

1. Palestinian-Israeli Conflict - Defense Minister: Israeli troops have entered the core area of ​​Gaza City. US media: Biden told Netanyahu that the three-day ceasefire suspension may help to release some hostages. Israeli Prime Minister: Can Set a deadline to maintain security control over Gaza,

2. The IMF raised China’s 2023 GDP growth forecast to 5.4%.

3. Shared office giant WeWork filed for bankruptcy protection in New Jersey.

4. Ukrainian media: Zelensky will continue to perform the duties of President of Ukraine after his term expires.

5. Traders are fully pricing in three 25 basis point interest rate cuts from the Bank of England next year.

6. Wall Street Journal: The United States and NATO will suspend participation in the Treaty on Conventional Armed Forces in Europe.

7. The Reserve Bank of Australia raised the cash rate by 25 basis points to 4.35%, the first rate increase since June.

8. The U.S. Treasury Department’s Semi-Annual Exchange Rate Report: No currency manipulator was designated, Vietnam was re-added to the detection list, and Switzerland and South Korea were removed.

9. Fed-Goolsby: If long-term bond yields remain at a high level, it is likely to be equivalent to tightening policy. The first priority in changing the stance on interest rates is the progress of inflation;

Kashkari: FOMC did not discuss interest rate cuts;

Waller: The economy is booming in Q3, and the Federal Reserve is paying close attention to this situation. The recent surge in long-term bond yields is an “earthquake”;

Bowman: Interest rates appear to be restrictive, soaring yields are part of the reason for the tightening of financial conditions, and further interest rate increases are still expected to be needed;

Logan: Progress is being made but inflation is still too high. Inflation data appears to be heading towards 3%, not 2%.