Monday Morning Meeting Notes (10/10/2022)

General Info:

• The September employment report showed 263,000 new jobs added (vs. expectations of 250,000)
• The unemployment rate declined to 3.5%, primarily due to the labor force participation rate declining from 62.4% to 62.3%
• In order to increase oil prices, OPEC+ agreed to cut oil output by two million barrels per day
• Brent crude prices rose from $86.35/barrel to $98.45/barrel last week
• Fun Fact: The “M’s” in M&Ms stand for “Mars” and “Murrie” in recognition of Forrest Mars and Bruce Murrie, the two businessmen who created the candy-coated chocolates

Monday 10/10:

• The U.S. bond market is closed in observance of Columbus Day/Indigenous People’s Day
• The stock market will be open
• The 2022 annual meetings of the International Monetary Fund (IMF) and World Bank kick off in Washington and run through October 16^th

Tuesday 10/11:

• NFIB Small Business Optimism Index for September
• U.K. unemployment data, with the unemployment rate expected to remain at 3.6%
• The IMF publishes its World Economic Outlook and Global Financial Stability Report

Wednesday 10/12:

• The Fed releases the minutes from its September meeting
• Industrial production data for the Eurozone, U.K., India, and Mexico
• U.S. producer price inflation (PPI) will give insights into input costs
• USDA World Agricultural Supply and Demand Estimates (WASDE) crop report for October

Thursday 10/13:

• Blackrock reports earnings
• U.S. consumer price inflation (CPI) for September is expected to show an 8.1% increase year-over-year
• Core CPI, which excludes volatile food and energy costs, is expected to rise 6.5% year-over-year
• CPI and Core CPI are expected to have risen by 0.2% and 0.4% month-over-month, respectively
• U.S. initial jobless claims and continuing claims data
• G-20 finance ministers and central bankers meet in Washington

Friday 10/14:

• JPMorgan, Wells Fargo, Citigroup, Morgan Stanley, PNC, U.S. Bancorp, and UnitedHealth Group report earnings
• U.S. retail sales data for September
• U.S. University of Michigan consumer sentiment
• The Bank of England (BOE) publishes its quarterly bulletin