Macro Briefing: 11 January 2024

* No rate cuts until inflation at 2% on ‘sustained basis’: Fed’s Williams
* SEC approves rules to permit bitcoin ETFs
* China will make foreign investment easier, says vice premier
* US consumer spending growth will slow in 2024, economist predicts
* Google and Amazon announce layoffs
* Copyright challenges threaten to create serious headwinds for OpenAI
* Global renewable energy capacity rose 50% in 2023, but more is needed: IEA

Bill Gross, known as the “bond king” when he ran Pimco, says the 10-year Treasury Note is overvalued at 4%. In a post on X, he wrote: “On the bond front UST 10 yr at 4% is overvalued while 10 year TIP at 1.80 is the better choice. If you need to buy bonds. I don’t.”

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