Market Overview Analysis by Ed Yardeni covering: United States 10-Year. Read Ed Yardeni's latest article on Investing.com
Yesterday's data further confirm our assessment that the Fed was too dovish when it cut the federal funds rate by 50bps on September 18.
That was right in line with our expectation based on the 0.3% m/m increase in our Earned Income Proxy for private-industry wages and salaries in personal income and the 0.2% drop in CPI goods .The good news on consumer spending was paired with good labor market news. Initial jobless claims fell from 17,000 in the week ended October 12 to 241,000 . The impact of hurricanes and manufacturing layoffs amid strikes were expected to spur more jobless claims.
The Federal Reserve estimated that the Boeing strike reduced IP growth by 0.3% in September, while Hurricanes Helene and Milton subtracted an additional 0.3%. In other words, IP held up relatively well last month.) cut rates for the third time this year yesterday, lowering the Eurozone's benchmark rate by 25bps to 3.25% . The move was widely expected as headlineWe expect economic growth to remain stronger in the US than in the Eurozone.
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