Macro Briefing: 15 August 2023

* Why did so many economists miss the “big disinflation”?
* Japan’s economic growth roars back in Q2 as exports surge
* China announces surprise interest rate cut amid struggling economy
* China halts publishing youth jobless rate data after it hits record high of 20%
* Wall Street sees low-priced commercial real estate as investment opportunity
* Fitch says it may downgrade dozens of banks, including JPMorgan Chase
* Russia’s central bank lifts interest rates sharply to combat sliding ruble
* 10-year US Treasury yield ticks up to 4.19%, highest since late-2022:

Warren Buffett’s Berkshire Hathaway reports new investments in homebuilders. Yahoo Finance reports: “Berkshire’s biggest new position is in D.R. Horton, with the firm holding nearly 6 million shares of the homebuilder worth more than $720 million as of June 30. Berkshire’s holdings in NVR tallied closer to $70 million, with its position in Lennar coming in at around $17 million as of the end of Q2. These were the only three positions initiated by the firm during the quarter.”