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As Jerome Powell looks set on vanquishing soaring inflation and entrenched expectations, economic growth and hopes of a soft landing have been thrown into the back seat, with some arguing - maybe a bit too strongly. The crew at the central bank has even promised more rate hikes in November and December, after accelerating the unwinding of its balance sheet this month. The 10-year Treasury climbed overnight to breach the key 4% level. The last time that happened was in 2008, at the height of the global financial crisis. It's even more astonishing when considering the pace of the yield's ascent, with the benchmark sitting at only 1.50% at the start of the year.

The Nord Stream pipeline system that transports Russian gas to Europe has reported "unprecedented" damage, with management saying it was impossible to predict when operations would resume. Both Europe and Russia said sabotage cannot be ruled out for the cause of the destruction, and Swedish authorities said two powerful underwater explosions were detected in the same area of the Baltic Sea where gas had bubbled to the surface.

DocuSign will lay off 9% of its workforce as part of a major restructuring plan, the company announced this morning. The plan is designed to move the company toward profitability and improve its operating margin. As of January 2022, DocuSign had 7,461 employees, and it said the restructuring plan will largely be complete by the end of fiscal year 2023.

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