Macro Briefing: 20 October 2023

* Fed Chair Powell says “inflation is still too high”
* Economists lift US growth projections through early 2024
* China to curb exports of key material used in batteries for electric vehicles
* US 10-year Treasury yield rises to 5%, highest since 2007
* Existing home sales in US drop to 13-year low in September
* US Leading Economic Index continues to forecast weak economic outlook
* US jobless claims fall to 9-month low, near multi-decade low:

Fed funds futures continue to price in no change in the central bank’s target rate for the near term. The implied estimate for the upcoming meeting (Nov. 1) is roughly a 99% probability that the Fed will leave its current 5.25%-to-5.50% target range unchanged.