US Recession Concerns
Bloomberg Economics warns of the possibility of a US recession. Factors include a potential auto strike, resumption of student loan repayments, and the looming government shutdown risk. Federal Reserve rate hikes further add to the economic uncertainty, although optimism remains regarding productivity and industrial policy.
Ukraine Aid
Congress passed a spending bill to prevent a government shutdown but excluded $6 billion in aid for Ukraine. President Biden calls for swift action to fund Ukraine's needs, emphasizing bipartisan support.
Office Real Estate Market
A majority of experts believe the US office real estate market will rebound only after a significant collapse, likely not until the second half of 2024 or later. The Federal Reserve's rate hikes have a substantial impact on commercial property values.
Market and Economic Data
Updates on market movements include S&P 500 and Nasdaq futures, Treasury yields, the US dollar, Brent crude, gold, and Bitcoin. There are several upcoming economic data releases and events featuring Fed officials.
Works cited on October 2, 2023: Authers, John. "Shutdown Is Shut Down, But Not the Dysfunction." *Bloomberg*. "UK House Prices Still Falling at Fastest Rate Since 2009." *The Guardian*. "Morning Squawk." CNBC. "Bloomberg: Five Things to Start Your Day, The Open. ChatGPT, an AI software developed by OpenAI for drafting article summaries.