US Economic Weekly Update
Our weekly update of the developments and key themes around the US economy
- October retail sales and industrial production, along with early November manufacturing surveys, will likely underscore continued strong domestic demand.
- The uneven recovery in supply continues to push up inflation and slow the pace of recovery, complicating the outlook as the Fed shifts to unwinding pandemic support.
- Our overview highlights the key releases of US economic market data.
US Economic Weekly Key Insights
- Comments from FOMC participants suggest the Fed is likely to use the December FOMC meeting to debate whether to accelerate tapering.
- In addition, some participants indicated recent data had caused them to bring forward their expected liftoff timing.
- We believe this sentiment will be reinforced by the November FOMC minutes release on Wednesday.
- Core PCE inflation is likely to accelerate to 0.5% m-o-m in October from 0.2% previously, raising the y-o-y rate 0.5pp to 4.1%.
- While the House passed the Build Back Better Act on Friday, its fate in the Senate remains uncertain given pushback from moderate Democrats.
Read our full US Economic Weekly report here.
Contributor
Aichi Amemiya
US Economist
Rob Dent
Senior US Economist
Kenny Lee
US Economist
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