Macro Briefing: 19 October 2023

* House GOP speaker race in stalemate as Jordan loses second vote
* Inflation is easing and economic growth is softening: Fed Beige Book
* 10-year Treasury yield above 4.9% for first time since 2007
* US household wealth rose at record 37% pace during pandemic
* Finnish telecom giant Nokia to cut 14,000 jobs
* US housing starts rebound in September after sharp fall in August:

The 60/40 benchmark portfolio of US stocks and bonds has rebounded 6.7% year to date after 2022’s deep loss, the deepest since the 1930s. “The tried-and-true 60-40 portfolio lost 17% last year, its worst performance since at least 1937, according to Leuthold Group analysis,” The Wall Street Journal reports. “Even with a 14% gain in the S&P 500 helping the strategy recover in 2023, stocks and bonds have moved in tandem, more over the past three years than any time since 1997, Standpoint Asset Management analysis shows.”