Weekly economic and financial commentary
|Summary
United States: Fed on the fence
- A wave of hawkish Federal Reserve commentary casting doubt on a December rate cut provided financial markets news to digest in the absence of any major economic data releases this week.
- Next week: Nonfarm Payrolls (Expected Tue. or Wed.), Existing Home Sales (Thu.)
International: Mixed momentum in global activity
- This week’s data releases painted a mixed picture across major economies: The UK maintained modest Q3 growth with wage gains slowing, Australia’s labor market rebounded from last month’s weakness, while China’s activity data continued to soften.
- Next week: Japan GDP (Mon.), Canada CPI (Mon.), Eurozone PMIs (Fri.)
Topic of the week: A shutdown solution at last
- The longest government shutdown on record came to an end this week. With federal employees coming back to work in full force, the backlog of economic data should start to clear next week, but the impact on the U.S. data flow will reverberate for months to come.
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