USA • The Federal Reserve hiked the target range for the federal funds rate 75 bps to 3%–3.25% and will continue to reduce its holdings of Treasuries via a quantitative tightening process, with monthly caps doubling as previously telegraphed. The interest rate on reserve balances increased an equivalent 75 bps to 3.15%. There were no [...]
USA • In August, the Consumer Price Index belied consensus expectations by ticking up instead of down. This came after a flat print the prior month. Prices in the energy segment fell 5.0% on declines for gasoline (-10.6%) and fuel oil (-5.9%), but these were partially offset by an increase for utility gas services (+3.5%). [...]
USA • The short week following the Labor Day holiday was a relatively quiet one for U.S. economic data, sandwiched between last week's employment report and next week's critical CPI release. On Tuesday, the ISM services index topped expectations. The index registered a robust 56.9 reading, and the subcomponents were equally encouraging. Both the business [...]
USA • The S&P Global flash composite PMI sank from 47.7 in July to 45.0 in August, marking a second consecutive contraction in private-sector activity and the sharpest since May 2020. Outside of the pandemic period, this was also the lowest reading recorded in data going back to 2009. New orders fell the most in [...]
