Last Week: 5.85%
YTD: 14.94%
1 Year: 19.03%
Dow Jones Industrial Average
Last Week: 5.06%
YTD: 4.42%
1 Year: 8.62%
Last Week: 6.70%
YTD: 30.55%
1 Year: 32.11%
Last Week: 7.57%
YTD: 1.20%
1 Year: .54%
YTD: 26.08%
1 Year: 19.94%
*As of 10/31/2023
YTD: .56%
1 Year: 2.86%
*As of 10/31/2023
The Federal Reserve
The Fed concluded their two-day conference last Wednesday. They unanimously agreed to hold interest rate hikes for the month. They will meet again in December to discuss additional rate increases. So far, we have had 11 total increases, four of those in 2023. Fed Chairman Jerome Powell stated, “the process of getting inflation sustainably down to 2% has a long way to go.” The committee continues to evaluate monetary policies and monetary tightening measures to fight inflation and strong consumers.
US Stock Markets
Last week, all major stock indices had their best week of the year. Corporate earnings have been a bright spot to start the month. Investors are hopeful the Federal Reserve will curtail rate hikes, which will make fixed income less attractive and drive buyers into the stock market.
Job and Payroll Numbers
Unemployment rose to 3.9%, the highest level since January 2022. US payroll numbers increased by 150,000, which was less than expected. Analysts had forecasted a rise of 170,000. These key employment numbers drove interest rates down, on expectations that inflation is cooling. The Federal Reserve closely watches wage data when deciding on interest rate changes.
