Fed officials are set to inject another $75 billion of cash to the market this morning after funding shortages drove the rate on one-day loans backed by Treasury bonds -- known as repurchase agreements, or repos to as high as 10%.  The first cash infusion in more than a decade came Tuesday as an overnight liquidity squeeze threatened everything from Treasury bond trading to lending to companies and consumers. It’s a structural money problem that’s hard to ignore. While the spike wasn’t evidence of any broader crisis, it highlighted how the Fed was losing control over short-term lending, one of its key tools for implementing monetary policy.  (Bloomberg)

Facebook is teaming up with eyewear giant Luxottica to develop augmented-reality Ray-Bans, sources told CNBC. The smart glasses, code-named "Orion," will take years to develop, with the company hoping to get them to consumers between 2023 and 2025. Smartphone replacement? According to the report, Facebook is including the ability to take calls, see info via a small display, livestream what the wearer sees and allow for interaction with an AI voice assistant. (SA)

U.S. homebuilding surged to more than a 12-year high in August as both single- and multi-family housing construction increased, suggesting that lower mortgage rates were finally providing a boost to the struggling housing market.  Housing starts jumped 12.3% to a seasonally adjusted annual rate of 1.364 million units last month, the highest level since June 2007.  (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.