Monday Morning Meeting Notes (10/17/2022)

Weekly Economic Insights

Monday Morning Meeting Notes (10/17/2022)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (10/17/2022)

General Info:

  • U.S. Consumer Price Index (CPI) data for September was stronger than economists expected
  • CPI rose 0.4% month-over-month and 8.2% year-over-year (expectations were 0.2% and 8.1%)
  • Core CPI, which excludes volatile food and energy prices, rose 0.6% month-over-month and 6.6% year-over-year (expectations were 0.4% and 6.5%, respectively); highest Core CPI since 1982
  • The upside surprise reinforces the expectation that the Federal Reserve will raise interest rates by another 0.75% at its November 2nd meeting and keep interest rates higher for longer
  • The Social Security Administration announced an 8.7% benefit increase for 2023, which is the largest increase since 1981
  • Fun Fact: As a celebration of Bavarian traditions, all the beer for the Oktoberfest festival must be brewed within the city limits of Munich
  • Bonus Fun Fact: Albert Einstein once worked as an electrician and helped set up one of the beer tents for Oktoberfest in 1896

Monday 10/17:

  • Bank of America, BNY Mellon, and Charles Schwab report earnings

Tuesday 10/18:

  • Goldman Sachs, State Street, Johnson & Johnson, Netflix, and Lockheed Martin report earnings

Wednesday 10/19:

  • Tesla, Abbott Labs, Procter & Gamble, Crown Castle, and PPG Industries report earnings
  • U.K. CPI, Retail Price Index (RPI), and Producer Price Index (PPI) data for September
  • Eurozone CPI data for September, with the expectation being a rise of 10.0% year-over-year
  • U.S. housing data – mortgage applications, building permits, and housing starts
  • The Fed releases its Beige Book, which shows regional economic data and current economic conditions across the 12 Federal Reserve Districts

Thursday 10/20:

  • AT&T, Verizon, Phillip Morris International, Tractor Supply, Pool Corp, Huntingtin Bancshares, Dover Corp, and Robert Half International report earnings
  • U.S. Conference Board leading economic index, which includes ten forward-looking components
  • Average weekly hours in manufacturing, average weekly initial jobless claims, manufacturers’ new orders for consumer goods and materials, ISM Index of New Orders, manufacturers’ new orders for nondefense capital goods (excluding aircraft orders), building permits, S&P 500 stock prices, Leading Credit Index, interest rate spread (10 Year Treasury minus fed funds rate), and average consumer expectations for business conditions
  • U.S. existing home sales for September

Friday 10/21:

  • NVR, Schlumberger, and American Express report earnings
  • U.K. retail sales for September
  • Eurozone consumer confidence

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.