Highlights in the economy at the close of Thursday, November 9, 2023

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• Speaking today at an International Monetary Fund conference, Jerome Powell said the Federal Reserve " is committed to achieving a monetary policy stance that is restrictive enough to reduce inflation to 2% over time; "We are not sure we have achieved such a position."

• Stock markets reacted negatively to these statements and ended up negative.

• Work continues in the United States House of Representatives to reach an agreement on interim spending to keep federal government agencies operating after current funding expires on November 17.

• The Industrial and Commercial Bank of China (ICBC) suffered a ransomware cyber attack that disrupted its operations. ICBC has already begun to restore its affected services.