Top-of-mind economic news as we start the week:
— Federal Reserve officials stressed the need to keep raising their key rate in order to curb inflation, which is running much higher than the Fed’s 2% target.
— The yield on 10-year US Treasuries hit 3.9%, the highest level since Nov. 2022, as traders assessed inflation data.
— One of the largest office space owners in Los Angeles defaulted on $755 million in debt, indicating the stress faced by office real estate given remote work.
— US consumer spending jumped 3% in January (not adjusted for inflation), even as more consumers turned cautious about the economy.
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