Top-of-mind economic headlines as we start the week:
— The yield on 10-year U.S. Treasury bonds reached 5% for the first time since 2007.
— Concern about an escalation in the Israel-Hamas war increased, as more than 200 hostages are still being held in Gaza.
— 6.1% of U.S. auto buyers with sub-prime credit are behind on their car payments by 60 days or more, the highest rate in nearly 30 years.
— China’s economy rebounded, growing 4.9% in the 3rd quarter, with retail sales up 5%; investment in real estate is down 9% so far this year.
— The Biden administration will invest $3.5 billion to update the U.S. electrical grid; another $4.7 billion will come from the private sector.
