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Weekly stock market analysis – Fed Rate Hike Announcement, US Jobs Report, US Mid-Term Election and more.
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๐ต๐ช๐ถ๐๐ฒ (๐๐ฒ๐ ๐ณ๐ฒ๐ฒ-๐ณ๐ฟ๐ฒ๐ฒ ๐๐ฟ๐ฎ๐ป๐๐ณ๐ฒ๐ฟ ๐ผ๐ณ ๐๐ฝ ๐๐ผ ๐ฅ๐ ๐ฎ,๐ฑ๐ฌ๐ฌ) โก๏ธ https://wise.com/invite/iwh/weif84
โฌ๏ธTimestamps:
0:00 โ Economic Updates
2:07 โ Interest Rate Hike Announcement
3:57 โ Sponsor Ad (moomoo)
4:41 โ US Jobs Report and Unemployment Rate
5:49 โ US Mid-Term Election and Upcoming Important Dates
The Federal Reserve announced a widely expected fourth consecutive โjumboโ 0.75 percentage point rate hike last week, which made the benchmark federal funds rate now standing at a range of 3.75% to 4%. Rates are expected to peak near 5.0% in 2023, according to the U.S. central bankโs own projections. Jerome Powell dismissed the idea that the Fed may be pausing soon though he said he expects a discussion at the next meeting or two about slowing the pace of tightening.
From the US BLS Jobs Report, the job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market. Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate. Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to serve as a price pressure as worker pay is still well short of the rate of inflation. The yearly growth met expectations while the monthly gain was slightly ahead of the 0.3% estimate.
Americaโs midterm elections on November 8th look likely to deliver bad news for the Democrats. That would not be unusual: at the half-way mark between presidential elections, voters routinely give the incumbent party a beating. Will this end up in a political gridlock?
The spread between the yields on the 10-year and 2-year Treasury notes has been inverted for more than a month, and is now standing at -0.596%. An inverted yield curve has historically been a reliable indicator of a coming recession, coming most recently before downturns in 1990, 2001, and 2008. While brief inversions typically don’t predict a downturn, ones that last beyond a momentary flashing can have stronger predictive power.
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Disclaimer: The content on this channel is for educational purposes only and merely cites my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.
