Macro Briefing: 23 October 2023

* Recent economic data suggest US economy is accelerating
* Bond vigilantes are coming back, says UBS strategist
* US economy appears to be less interest-rate sensitive
* Chevron will acquire Hess in latest deal for oil majors
* China opens tax investigation into Foxconn, Apple’s iPhone maker
* Time horizon still matters for asset allocation decisions
* US 10-year Treasury yield tops 5% in early trading on Monday:

US federal budget deficit doubled in the 2023 fiscal year. “I believe we’ve reached a defining moment — our fiscal affairs are completely off track,” says Kent Conrad, a senior fellow at the Bipartisan Policy Center, told lawmakers last week. “Rising deficits and debt are an economic and a national security concern.”