"Domestic economic data, unsurprisingly, continues to display the disruptive effects of the recent hurricanes. The Fed will likely look through the winds and stay the course for a December rate hike," argues Wells Fargo Research Team.
Key quotes:
"Both industrial production and housing starts were muffled because of the storms, an indication that we may see payback in the next couple of months."
"Despite the relatively soft production and housing data, the Fed was likely encouraged by the rise in the better-than-expected import price data."
Global Review:
Chinese Economic Growth Steady in Q3
"With the 19th Party Congress ongoing in China, data released this week on Chinese real GDP growth met expectations at 6.8 percent year-over-year growth. The deceleration in fixed investment spending in China continued, however, as a result of both secular and cyclical trends."
"Inflation in the United Kingdom remained above the Bank of England’s target in September, while wage growth remained lackluster."
"Canadian CPI generally remained on trend in September and within the Bank of Canada’s target band, while retail sales surprised to the downside."
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