Financial Markets and IPOs
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Instacart had a successful IPO, with its stock surging 12% on its NASDAQ debut and achieving a valuation of over $11 billion. Co-founder Apoorva Mehta's fortune now stands at $1.1 billion.
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Amazon plans to hire 250,000 workers for the holiday season, reflecting optimism about the upcoming shopping season. The company intends to raise the average pay for logistics personnel to around $20.50 per hour.
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US stocks and bonds experienced declines as the Federal Reserve began its two-day meeting.
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US housing starts have reached their lowest level since June 2020.
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Microsoft mistakenly uploaded confidential game plans to a federal court site.
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FTX has sued Sam Bankman-Fried's parents to recover millions of dollars.
Federal Reserve and Monetary Policy
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The Federal Reserve is expected to pause interest rate hikes, focusing on the dot plot for future policy clues.
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PIMCO warns that markets may underestimate the risks of another Fed rate hike and a recession.
Inflation and Economic Indicators
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Canadian inflation surprised on the upside, particularly in core inflation, which has implications for the country's monetary policy and interest rates.
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Britain's inflation rate unexpectedly dropped to an 18-month low, leading to uncertainty about a Bank of England rate hike. The pound weakened in response.
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US oil stockpiles fell significantly, potentially reaching their lowest level in over nine months.
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There are concerns about rising inflation and potential economic consequences.
Global Bond Yields
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Yields on government bonds, driven by improved economic growth prospects, have reached levels not seen since the Global Financial Crisis.
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Some suggest it might be a good time to buy government bonds due to the inverted yield curve.
Works Cited on Monday, September 20, 2023: Bloomberg L.P. and John Authers and Isabelle Lee, Bloomberg Opinion columnist. Daily Shot Research authored by Lev Borodovsky ©. ChatGPT, an AI software developed by OpenAI for summarizing articles.