• Will Meta’s new AI catch up with OpenAI?
• Is a government shutdown imminent?
• Why did stocks drop amid high Treasury yields and a strong dollar?
Opening price as of 09/28/2023 compared to last close
IN THE HEADLINES
Meta Platforms creating open-source AI to challenge OpenAI's ChatGPT
Meta's new AI aims to offer text and image generation capabilities for other companies. They're committed to open-source AI but is facing challenges in sustaining the effort. Meta's ambition is to enhance AI for the metaverse and social platforms. The competition with OpenAI hinges on data scale, as GPT-4 may be much larger than Meta's Llama 2. Read more
Government shutdown to begin Sunday if no deal is reached. What to expect
Conservatives in the House are pushing for substantial spending cuts, while the Senate has proposed a plan to fund the government until November 17, including aid for Ukraine and FEMA funding. President Joe Biden remains optimistic about avoiding a shutdown, urging House Republicans to fulfill their funding responsibilities. If a shutdown occurs, it would impact millions of federal workers and military personnel, with some essential workers working without pay, while Social Security checks would continue. Read more
Stocks decline as U.S. Treasury bond yields and the dollar remain high
On Tuesday, global equities faced a 1% drop in a volatile trading session, driven by concerns of persistently high interest rates. The U.S. Treasury yield remained near a 16-year high, and the dollar index reached a 10-month peak. Wall Street followed the downward trend from Asian and European markets following the Federal Reserve's announcement of prolonged higher rates. Concerns also arose over a potential government shutdown, rising oil prices, and an ongoing auto worker strike. The day ended with significant equity losses, and Treasury yields experienced minor fluctuations. Meanwhile, oil prices rebounded from earlier lows, settling higher. Read more
“Look at how much they have shocked this mortgage market. Rates have jumped from sub-3% to 7.50% in just three years…. Low supply of homes vs population. I still think 7.5% mortgages will cause home price deflation, but that is very different from a crash. This is not 2005-2008. The issue is one of ACTIVITY. No sales means no phone calls to the window repair guy, the carpet installation guy.”
–Jeff Weniger, Head of Equity Strategy at Wisdom Tree
They are considered riskier than money market funds but safer than stock funds. They invest in a portfolio of government and/or corporate debt securities with the goal of generating monthly income (returns) for investors through interest payments.
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