US Economic Weekly Update

Our weekly update of the developments and key themes around the US economy

  • Attention turns to the November FOMC minutes – with likely discussions on a slower hiking pace to a higher terminal rate – along with flash November S&P PMIs
  • Additional hikes are likely amid shifting debates, from hiking speed to destination and from peak to trend inflation, while a nascent recession begins to take hold.
  • Our overview highlights the key releases of US economic market data.

US Economic Weekly Key Insights

  • Fedspeak turned more hawkish last week as participants appeared to engage in a coordinated effort to push back against the market reaction to October CPI inflation.
  • Many speakers highlighted what would likely be an above-5% terminal rate, and that while the Fed may slow the pace of rate hikes, it should not be taken as a dovish development.
  • This week, focus turns to another round of Fedspeak and the November FOMC minutes.
  • PPI data for October last week support our view that m-o-m core PCE inflation will moderate less than core CPI inflation.
  • The flash S&P November PMIs, new home sales and durable goods orders this week bear monitoring.

Read our full US Economic Weekly report here.



US Markets - Economic Data and Events Calendar

Contributor

    Aichi Amemiya

    Aichi Amemiya

    Senior US Economist

    Robert Dent

    Robert Dent

    Senior US Economist

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