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US corporate-bond issuance has become tougher to predict amid a spike in volatility, leading dealers to overestimate volume in four of the last nine months.

That pushed down a gauge of applications to purchase or refinance a home by 2%, the eighth drop in nine weeks, to the lowest level since 1997.

The central bank has recently stepped up its efforts to reduce its balance sheet, but doing that without forcing a liquidity crunch requires careful planning.

The job cuts are coming as higher mortgage rates cut into demand from homeowners to refinance their loans, and reduced purchase activity as well.

Decline was largely driven by a large dip in cash-out refinance locks.

The company previously announced it would also close its consumer-direct operations, which relied heavily on refinance activity.

Only credit card ABS and residential MBS saw increases, while other major asset classes dipped. Production in private SLABS dipped about 44%.

Cathie Wood flagged the risk of "serious losses" in the trillion-dollar auto debt market, after statistics showed US used vehicle prices decreased in September.

During a visit to Buffalo on Friday, New York Federal Reserve President John Williams said the central bank may need to keep cranking up interest rates to gain greater control over high inflation.

In one notable change from the previous deal, PART 2021-1, the percentage of bankruptcy collateral decreased to 18.58%, from 44.27%.