Markets Rise on Steady Fed Rates and Lower Borrowing Ahead of Apple Earnings; Economic Data in Focus
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Markets rose on steady interest rates from the Federal Reserve and lower Treasury borrowing. Apple earnings are in focus later today.
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October economic data will be important for assessing growth and guiding Fed policy going forward. There are signs of softness in manufacturing and mixed labor market data.
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Fed is seen having less than a 30% chance of another rate hike in this cycle, with rate cuts expected by mid-2023. Volatility has declined.
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Bank of Japan is expected to gradually dismantle ultra-easy policy in 2023. Bank of England also set to hold rates steady today.
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Chinese regulators are investigating a liquidity crunch that saw short-term rates spike to 50% this week. Tesla delivered fewer China-made cars in October.