Macro Briefing: 2 October 2023

* AI boom expected to “dramatically increase” energy consumption
* Sluggish China and global demand cuts Asia growth outlook: World Bank
* China’s demand for commodities growing at “robust rates”: Goldman Sachs
* US 10-year Treasury yield starts week near 15-year high
* China’s factory recover slows in September
* Automakers’ strike
expands to 17% of UAW members at Big Three firms
* Fed’s favorite inflation gauge rose less than expected in August
* US consumer spending increased for fifth straight month in August:

US real (inflation-indexed) Treasury yields continue to push higher. 5-year real yield edges up to 2.38% and 10-year at 2.24% on Friday (Sep. 30):

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