| Federal Reserve Chair Jerome Powell said the central bank will lower interest rates "over time," while again emphasizing that the overall US economy remains strong. Powell also reiterated his confidence that inflation will continue moving toward the Fed's 2% target, adding that economic conditions "set the table" for a further easing of price pressures. "Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance," Powell said in a speech in Nashville, Tennessee at the annual meeting of the National Association for Business Economics. "But we are not on any preset course," he said, noting that policymakers will continue to make decisions meeting by meeting based on incoming economic data. In other words, there doesn't appear to be any rush. At least not right now. —Natasha Solo-Lyons US government bonds are on track to end September with a historic fifth-straight monthly gain, but Powell's speech tempered trader expectations for rate cuts. Already higher before Powell's comments, Treasury yields climbed further after he reiterated his Sept. 18 comment that policy makers don't feel pressure "to cut rates quickly." The two-year note's yield, more sensitive than longer maturities to changes in the Fed's rate, rose as much as 10 basis points to 3.67%, the highest since Sept. 12. The financial toll of Hurricane Helene continues to climb, putting the storm that battered parts of the US Southeast on course to be one of the country's costliest. As of Monday morning, AccuWeather estimates the total damage and economic loss from Helene may be as high as $160 billion. That's up sharply from the $95 billion to $110 billion range it forecast late last week, before the magnitude of the devastation became apparent. If losses match those preliminary estimates, Helene will go down as one of the nation's top five most costly storms ever, the forecaster said.  Flood damage at a bridge in Old Fort, North Carolina. Photographer: Sean Rayford/Getty Images DirecTV and Dish have agreed to combine. It's a deal that will create the biggest pay-TV provider in the US with about 18 million subscribers. Under the terms of the transaction, DirecTV will acquire Dish TV and Sling TV from EchoStar for a nominal consideration of $1 plus the assumption of about $9.75 billion of debt, according to a statement on Monday. California Governor Gavin Newsom signed a law banning legacy preferences at private universities, as the Democrat joined a budding movement to end a longstanding practice giving the children of alumni and donors a leg up in the college admissions process. The new law, which will apply to schools including Stanford University and the University of Southern California, makes the state the second to halt legacy admissions at private colleges. Maryland adopted a similar measure earlier this year, while Colorado, Illinois, and Virginia have barred the practice at public universities.  Gavin Newsom Photographer: Al Drago/Bloomberg A California ballot measure to crack down on store theft and drug crimes is heading to the polls with support from big retailers, law enforcement groups, a crypto billionaire—and now, more than 70 mayors. Representing cities from Beverly Hills to Fresno, the mostly Democratic or non-partisan mayors bucked Newsom by throwing their support behind Proposition 36, which will go before voters in November. The initiative would roll back a landmark criminal justice law from a decade ago, stiffen penalties and force drug users into treatment to avoid prison time. China's biggest stock market rally in more than a decade has added pressure on the nation's quantitative hedge funds. Quants that short index futures as part of their market-neutral strategies were said to face additional margin calls as shares continued to surge on Monday. The scale of requests was generally smaller than on Friday, when an exchange glitch made it harder for funds to raise cash. Mansions in Hong Kong's luxury Peak district selling at 50% discounts. A warehouse overflowing with equipment seized from shuttered businesses. A longstanding gym chain collapsing, triggering claims of more than HK$166 million ($21 million). A funding squeeze is said to be putting Hong Kong businesses and individuals under strain in a way not seen for decades.  Hong Kong's Physical Fitness shut down after nearly four decades in the business. Photographer: Lam Yik/Bloomberg In a nation where the norm has been for people to park their assets in cash and deposits that offer almost no interest, Shigeru Fujimoto has accumulated about ¥2 billion ($14 million) after almost seven decades of stock trading. He's also built a following of loyal retail investors who hang on his every move. He's even written a popular book about his investment strategy. Fujimoto stands out in Japan not just because of his financial risk taking in a culture that has favored playing it safe, but also because he has proactively accumulated money to pay for his old age while many older people are struggling to live on small public pensions as inflation picks up.  Shigeru Fujimoto Photographer: Yasutaka Tamura/Bloomberg Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg's flagship briefing in your mailbox daily. Bloomberg Tech: Humanity has always relied on technology to drive growth. With the emergence of artificial intelligence, society is being asked to trust tech with economies, media and health like never before. Join visionaries, investors and business leaders in London on Oct. 22 to discuss the risks and rewards of this new age. Speakers include Monzo CEO TS Anil, Cohere Co-Founder and CEO Aidan Gomez, ŌURA CEO Tom Hale and ASML President & CEO Christophe Fouquet. Buy tickets today. | 
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