Monday Morning Meeting Notes (09/18/2023)

Weekly Economic Insights

Monday Morning Meeting Notes (09/18/2023)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (09/18/2023)

General Info:

  • U.S. consumer price index (CPI) for August remained well above policymakers’ target of 2%
  • CPI increased 0.6% month-over-month and 3.7% year-over-year
  • The largest contributor to the monthly gain in CPI was gasoline, which accounted for more than half of the increase. In addition, shelter costs rose for the 40th consecutive month
  • Core CPI, which excludes volatile food and energy costs, increased 0.3% month-over-month and 4.3% year-over-year
  • “Supercore” CPI, which measures the services component excluding shelter, rose 0.4% month-over-month and the year-over-year figure increased slightly from 4.0% to 4.1%
  • The European Central Bank (ECB) surprised market participants by raising rates by 0.25% last week
  • The ECB’s main refinancing operations rate is now 4.50%
  • Fun Fact: Did you know that there are three different species of elephant? The African Savannah elephant, the African Forest elephant, and the Asian elephant
  • But how can we tell the difference? African elephants have large ears shaped like the continent of Africa, while Asian elephants’ ears are smaller and shaped like India
  • Both male and female African elephants grow those iconic ivory tusks, but only male Asian elephants grow them. A tusk-less adult elephant is likely to be a female Asian elephant

Monday 09/18:

  • Apple is expected to release the iPhone’s latest operating system, iOS 17

Tuesday 09/19:

  • National Talk Like A Pirate Day
  • U.S. housing starts and building permits data for August
  • Eurozone CPI data for August
  • The United Nations’ 78th general assembly begins and will run through September 26th
  • The OECD releases its interim economic outlook report on the global economy

Wednesday 09/20:

  • National Pepperoni Pizza Day
  • FedEx and General Mills report earnings
  • Federal Reserve (Fed) monetary policy meeting, followed by Chair Jerome Powell’s press conference
  • The Fed is expected to maintain the fed funds rate at a target of 5.25-5.50%
  • U.K. CPI data for August

Thursday 09/21:

  • U.S. leading economic index
  • U.S. initial jobless claims and continuing claims data
  • U.S. existing home sales for August
  • Bank of England (BOE) monetary policy meeting, which is expected to show a 0.25% rate hike and bring the rate to 5.50%

Friday 09/22:

  • Bank of Japan (BOJ) monetary policy meeting
  • S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., France, Germany, and Japan
  • S&P Global Services PMI data for the U.S., Eurozone, U.K., France, Germany, and Japan

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.