Top-of-mind economic news as we start the week:
— The Federal Reserve raised its key interest rate by another 3/4ths of a percent, to range of 3% – 3.25%, with more hikes expected.
— Sales of existing U.S. homes fell in August for the 7th straight month, and are down nearly 20% over the past 12 months, but the median sales price is up 7% vs. a year ago.
— Housing starts rose 12.2% in August, but building permits fell 10%, indicating that homes are being built now, but future building is likely to fall significantly.
— The British pound approached parity with the U.S. dollar, levels not seen since 1985, on higher U.S. interest rates and concern about British fiscal policy.
— A global shortage of copper in the coming years could hamper the manufacture of electric vehicles, experts in commodities and real assets are warning.
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