September 29 (Thursday)

Latest Morning Briefing Executive Summary: Troubled Times In The UK & China
In the UK, fiscal and monetary policy are at odds. Massive tax cuts and new spending programs will boost government debt—aggravating inflation even as the BOE is trying to subdue it. Bond Vigilantes clearly disapprove. … In China, the real estate sector is in shambles, and the government’s investments abroad are going belly up. A messy debt restructuring looks likely. The PBOC is hustling to prop up both the falling yuan and the weakening economy, introducing new rules to discourage shorting the currency and easing monetary policy at a time when other central banks are tightening.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Wednesday’s market rally was ‘based on a dream’ | C

Global central banks & currencies
Bank of England Buys Bonds in Bid to Stop Spread of Crisis | W
Pension fund panic led to Bank of England’s emergency intervention | C
Exclusive: China’s state banks told to stock up for yuan intervention | R
‘Do not bet’: China’s central bank PBOC warns against yuan speculation | C

Federal reserve
Column: Fed’s neutral rate forecast nods to ‘transitory’, eventual pivot | R
Jerome Powell’s inflation-unemployment tradeoff | The Hill
Interest Rates and Fed Tightening | AIER
Fed has not done enough, must continue on its path to reset inflation expectations | C

Europe energy
Spain says Russia likely responsible for Nord Stream gas leaks | C
Fourth leak found on Nord Stream pipelines, Swedish coastguard says | R
Exclusive: Europe braces for mobile network blackouts | R
Energy Crisis Pushes German Industry to the Brink | W

Global
Developing Countries Face Stiff Economic Headwinds, World Bank Chief Says | W

US
How the United States is exporting inflation to other countries | NN
Opinion | FOMO Helped Drive Up Housing Prices in the Pandemic. What Can We Expect Next? | N

China
Chinese Developers Meltdown | C

Geopolitics & trade
How the CIA failed Iranian spies in its secret war with Tehran | R

Corporate finance
Brookfield Buys U.S. Renewable Developers for $1.5 Billion | W

Beyond markets
Ian now tropical storm after hitting Florida as a category 4 hurricane | C
The Jetsons, now 60 years old, is iconic. That’s a problem. | Slate.com