Daily Note | October 19, 2023 | 10-Yr Approaches 5%

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Summary

• Markets up ahead of Fed Chair Jay Powell's speech, but Treasury yields at a 26-year high raise questions on monetary policy.

• Tesla shares down 7% after poor Q3 earnings.

• Consumer strength, reflected in a 37% rise in household net worth, has fueled above-trend growth and may delay respon…