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Jul 25, 2023

Five Things You Need to Know to Start Your Day

Christine Lagarde, president of the European Central Bank (ECB), from left, Kazuo Ueda, governor of the Bank of Japan (BOJ), and Jerome Powell, chairman of the US Federal Reserve, at the Jackson Hole

Christine Lagarde, president of the European Central Bank (ECB), from left, Kazuo Ueda, governor of the Bank of Japan (BOJ), and Jerome Powell, chairman of the US Federal Reserve, at the Jackson Hole economic symposium in Moran, Wyoming, US, on Friday, Aug. 25, 2023.

A message on higher rates from Jackson Hole, China’s stock rally fizzles and a closer look at Apple’s diversifying supply chain. — Kristine Aquino

Higher rates are here to stay — that’s the message from monetary policymakers across the globe as they gathered at Jackson Hole over the weekend. Federal Reserve Chair Jerome Powell said the US central bank is “prepared to raise rates further if appropriate,” while the European Central Bank President Christine Lagarde vowed to set borrowing costs as high as needed and leave them there until inflation is back to its goal. Following the comments, two-year Treasury yields — the most sensitive to policy expectations — hit the highest level in seven weeks.