Breakfast briefing: Fed sets up 2024 for rates holding high

Essentially they are signaling that rates will stay elevated well into 2024 with fewer projected cuts. Somewhat surprisingly, American mortgage applications jumped +5.4% last week, the first rise in three weeks, and the biggest since mid-June. In Germany, fast-retreating energy costs are allowing producer price inflation to cool fast. British CPI inflation fell marginally to +6.7% in August from +6.8% in July, and this was lower than the expected +7.0% rate. The bitcoin price has barely moved from this time yesterday, and is now at US$27,215, a rise of just 0.1%.