Monday Morning Meeting Notes (10/02/2023)
Bradley Prosper, CFA®, CFP® Weekly Economic Insights
Monday Morning Meeting Notes (10/02/2023)
General Info:
- U.S. Congress passed a last-minute agreement to avoid a government shutdown, and President Biden signed the bill which keeps the government funded through November 17th
- U.S. personal consumption expenditures (PCE) for August showed a slowdown in the inflation rate, while the personal savings portion of the report showed households are only saving 3.9% of income
- PCE increased 0.4% month-over-month and 3.5% year-over-year
- Core PCE, the Fed’s preferred inflation gauge, increased 0.1% month-over-month and 3.9% year-over-year (vs. last month’s reading of 0.2% and 4.2%, respectively)
- Fun Fact: The 3 Musketeers candy bar was named for its flavors. When the original 3 Musketeers candy bar first hit the market in the 1930s, it came in a three-pack featuring vanilla, chocolate, and strawberry. They had to cut down to one flavor, however, when World War II made rations too expensive
Monday 10/02:
- U.S. ISM Manufacturing PMI data for September
- Bank of Japan (BOJ) releases the minutes from its September monetary policy meeting
Tuesday 10/03:
- U.S. light vehicle sales for September
- U.S. Job Openings and Labor Turnover Survey (JOLTS) for August
- Former FTX CEO and co-founder Sam Bankman-Fried is set to go on trial in New York
- Michael Lewis, your favorite author’s favorite author, just wrote a book on Bankman-Fried and will be providing trial updates on his podcast “Against the Rules with Michael Lewis”
Wednesday 10/04:
- National Taco Day – they really missed the mark having this on Wednesday and not Taco Tuesday
- Fun Taco Fact: In 1964, Roberto L. Gomez established The National Taco Council. The council sent a 55-pound taco to President Lyndon B. Johnson in 1967
- In 1971, they rewarded Cheech & Chong with an 18-foot-long taco to “honor their work for youth voter registration”
- The council also sent a 5-foot-by-2-foot-long tamale to Gerald Ford, and a 110-pound chalupa to Jimmy Carter during the 1976 presidential campaign
- U.S. ISM Services PMI data for September
- Eurozone producer price index (PPI) and retail sales for August
- Trading is set to begin in Sandoz, the generic drugs unit being spun off by Swiss pharmaceutical company Novartis AG
Thursday 10/05:
- ConAgra Brands, Constellation Brands, and Lamb Weston report earnings
- U.S. initial jobless claims and continuing claims data
- South Korea consumer price index (CPI) data for September
Friday 10/06:
- U.S. employment report for September, which is expected to show 170,000 new jobs added
- The unemployment rate is expected to decline from 3.8% to 3.7%
About the Author
Bradley Prosper, CFA®, CFP®
Senior Research Analyst
Mr. Prosper is a member of the Firm’s investment research group where he assists in conducting investment research that is instrumental in the construction, maintenance, and management of client portfolios. This research includes the procurement of primary data via direct investment manager interviews as well as analyzing information from our data resources.