In 2022, the Biden-Harris administration announced an estimated $857 billion national security budget for the United States. A total of $34 billion has been set aside from this massive budget for defense technology innovation. 1 This figure is expected to increase to $40 billion in fiscal year 2023. In addition to this, $92 billion has been allocated for research and development (R&D) in 2022. These funds will facilitate the United States (U.S.)’ aerospace and defense industry to leverage the power of autonomy and connectivity. For example, Artificial Intelligence (AI) can enhance surveillance and reconnaissance missions. Likewise, robots can be employed to reduce the workload of soldiers and conduct operations in hazardous environments. The White House in a budget summary document said, “The budget maintains America’s advantage by improving the resilience of U.S. space architectures to bolster deterrence and increase survivability during hostilities.” Progress in advanced def
INTRODUCTION The Federal Reserve raised interest rates by three-quarters of a percentage point for the fourth straight time on Wednesday, extending its most aggressive tightening campaign since the 1980s 1 . On the assumption that the Federal Reserve would continue to raise interest rates aggressively, Treasury yields are on the rise. The Fed rate hike coincides along with the anticipation of a future slowdown in the Fed's tightening of policy as it evaluates the economic pressures of tighter credit with the risk of persistently rising inflation 2 . ASIAN MARKETS AT A GLANCE Recently in its October report, IMF had reduced its growth forecast for Asian markets to 4% for 2022 and 4.3% for 2023 3 amidst a tightening of global economic conditions, rising bond yields and currency depreciation. Asian shares have underperformed in October as investors stress about a looming recession. Hong Kong stocks ended the month of October with a loss of more than 14% and are currently trading near