Macro Briefing: 8 September 2023

* Biden’s options limited for preventing possible strike by auto workers
* Biden arrives at G20 meeting in India today–closer US-India ties on agenda
* The record-long slide in 1yr US home prices may be over
* Small- and mid-size business optimism rises to 21-Year High
* US banking industry “continues to face significant downside risks”: FDIC chair
* China’s currency falls to 16-year low vs. the US dollar
* Solar installations in US expected to reach record level this year
* US jobless claims fell to 7-month low last week:

Chicago Fed CEO Austan Goolsbee says the US may be on a “golden path” that tames inflation without materially damaging the robust labor market. Speaking with on Thursday, he explained: “It’s possible we could get on the golden path, it’s not a guarantee. But the golden path would be almost unprecedented to get inflation down a lot without having a serious recession. That will be a triumph, the Fed and other central banks around the world have virtually never been able to do that. But I do think at this moment, we might be able to. Monetary policy’s working, that’s certainly what we’re trying to shoot for.”