Les dépêches samedi matin

Handelsblatt business conference in Frankfurt, Germany: Goldman Sachs’ CEO told the audience bluntly that world financial markets “have been going up for too long.

The president of the New York Federal Reserve said the devastation caused by Hurricanes Harvey and Irma could boost the U.S. economy in 2018 because of the rebuilding efforts that will have to take place.

“The long-run effect of these disasters, unfortunately, is it actually lifts economic activity because you have to rebuild all the things that have been damaged by the storms,” William Dudley said in an interview with CNBC.

Yet the storms are unlikely to prevent the Fed from raising interest rates or launching its long-awaited move to shrink the central bank’s massive $4.5 balance sheet, Dudley said.

“I think it’s too soon to judge exactly the timing of when the next rate hike might occur,” he said, “but I think the path is clear that of short-term rates are going to move gradually higher over time.”

Fed watchers expect just one more interest rate increase before the end of the year, most likely in December.

[Bloomberg] Havens Thrive as Storms, North Korea Rattle Markets, Charts Show

[Bloomberg] Analyst Says Hurricane Irma Has the Potential to Be ‘the Big One’

[Bloomberg] How Hedge Funds Are Handling a Possible Disaster

[Bloomberg] House GOP Rips Mnuchin for His ‘Vote for the Debt Ceiling for Me’ Sales Pitch


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