Economic Update Oct 10, 2022

• Economic data for the week included the ISM manufacturing index falling further than expected, while ISM services were little changed and remained expansionary. A variety of labor statistics came in generally positive, at least enough so for markets to believe the Federal Reserve will remain hawkish in upcoming policy meetings.
• Global stock markets gained ground last week, as economic data started slower than expected, raising the odds of a ‘hard landing’ and, therefore, more tempered central bank interest rate hikes. Bonds were mixed, with credit faring positively, while governments pulled back. Commodities gained sharply as last week’s OPEC+ meeting resulted in oil production cuts—boosting spot prices.

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LSA Connect, Oct 10, 2022