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The lull in bond selling continues as investors await U.S. jobs data that could influence interest rate decisions. Oil prices have provided relief with Brent crude futures falling from their recent high. The Asia-Pacific shares outside Japan have risen, while Tokyo’s Nikkei remains flat. The dollar is on track for its 12th straight week of gains, and U.S. Treasury yields have remained steady. Analysts believe that the recent bond sell-off may reverse due to tighter financial conditions. Investors are cautious ahead of the release of U.S. non-farm payrolls data. If there is another round of bond selling, it will strengthen the dollar even further. The beleaguered yen has shown some resistance, and a sudden jump in the Japanese currency has sparked speculation of intervention. Gold has remained steady amidst rising global bond yields. Australian fund manager Magellan Financial Group’s shares dropped to a decade-low as its assets under management continued to decline.

Citigroup (Citi) managers are currently assessing staff rosters to determine who will remain in their positions, be reassigned, or laid off as part of the bank’s major reorganization. In a global memo to staff, Citi’s chief human resources officer mentioned that roles would change, new roles might be created, and some positions that don’t align with the new structure will be eliminated. The reorganization, announced by Citi CEO Jane Fraser last month, aims to simplify the bank’s operations and enable revenue-generating staff to focus on clients. While the expected number of job cuts has not been disclosed, Citi’s workforce currently stands at 240,000 employees globally. The company will offer severance pay and notice periods for eligible employees whose jobs are eliminated. Citi hopes that the reorganization will boost its share price while giving the CEO more control over the bank’s businesses. The bank will release its third-quarter earnings on October 13.

Meta, formerly known as Facebook, is preparing to lay off employees in its Reality Labs division’s silicon unit, focused on creating custom chips for its metaverse-oriented products, according to sources familiar with the matter. The extent of the cuts to the unit, called Facebook Agile Silicon Team (FAST), is unknown. This move could pose challenges for Meta CEO Mark Zuckerberg’s goal of building augmented and virtual reality devices, particularly AR glasses, to redefine technology experiences.

The approximately 600-employee FAST unit has faced difficulties in developing chips that can compete with external providers, leading Meta to collaborate with chipmaker Qualcomm. Despite the restructuring, Meta plans to continue developing technically advanced and slim AR glasses for the future. Meta has been undergoing a series of layoffs since last year and has slashed around 21,000 jobs to curb costs and address concerns regarding waning revenue growth.

Mortgage rates have surged to their highest levels in years, leading to a 6% decline in total mortgage demand, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages also increased significantly, causing applications for both refinancing and home purchases to drop. The rise in rates has pushed many potential homebuyers out of the market, resulting in the lowest level of purchase activity since 1995. Furthermore, adjustable-rate mortgage applications have increased as borrowers seek lower rates. The current economic data suggests that the Federal Reserve may need to adopt a more aggressive interest rate policy.

Chipotle Mexican Grill is testing automation to determine if robots can make customers’ burrito bowls and salads. This marks the second time the chain has publicly announced testing automation at its innovation center. The first experiment, known as Chippy, involved a robot that makes tortilla chips. Although automation is seen as a way to reduce labor costs and improve order consistency and speed, the high cost of robotics and artificial intelligence software means it will likely take years before it provides a return on investment for restaurants.

Nonetheless, many restaurant operators have high hopes for automation’s future. Chipotle’s current test is a partnership with startup Hyphen, in which the robot will make burrito bowls and salads for digital orders only. The technology moves the bowls underneath the digital make line to dispense the correct ingredients, allowing employees to simultaneously assemble digital orders for other items. Once the robot completes an order, it returns the bowl or salad to the surface for packaging by employees.

LinkedIn, the Microsoft-owned social platform, is introducing a range of new AI features to enhance its job hunting, marketing, and sales products. The updates include AI assistance in the Recruiter talent sourcing platform, an AI-powered LinkedIn Learning coach, and an AI-powered tool for marketing campaigns. LinkedIn has been gradually incorporating AI into its offerings, such as AI-based writing suggestions and AI-created job descriptions. However, the platform is now leveraging technology from OpenAI and Microsoft to power its new features.

JetBlue Airways has revealed plans to increase flight attendant pay starting in November, with a 5% raise followed by an additional 2% increase and various incentives. These raises, coupled with previously agreed raises, will result in a total increase of 21.5% for flight attendants by 2026. The decision comes as JetBlue attempts to acquire budget airline Spirit Airlines, against which the Justice Department has filed a lawsuit to block the merger. As part of the agreement, JetBlue commits to not furloughing or displacing any flight attendants or closing associated bases for seven years after the Spirit acquisition. The flight attendants’ union has announced support for the merger in return. Additionally, JetBlue has agreed to provide additional pay for staff on trans-Atlantic routes and in the Mint business-class cabin.