Monday Morning Meeting Notes (10/24/2022)

Weekly Economic Insights

Monday Morning Meeting Notes (10/24/2022)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (10/24/2022)

General Info:

  • The IRS announced increased contribution limits for retirement plans in 2023
  • For 401(k), 403(b), and most 457 plans, the limit will increase from $20,500 to $22,500
  • For IRAs and Roth IRAs, the limit will increase from $6,000 to $6,500
  • In addition, the IRS announced that the dollar thresholds for tax brackets will jump by 7% in 2023; e.g., the 37% tax bracket will apply to individuals earning $578,125 (up from $539,900 this year)
  • In a busy week for the IRS, it was also announced that the 2023 standard tax deduction will increase to $27,700 for married filing jointly and $13,850 for single filers
  • U.K. Prime Minister Liz Truss resigned after 45 days in office, becoming the shortest-serving prime minister in U.K. history
  • Fun Fact: Most people are aware that Beethoven was deaf. However, the musician figured out a way to “hear” even after losing the ability to hear sounds. If Beethoven bit into a metal pole that he connected to his piano, then he could hear through a process called bone conduction

Monday 10/24:

  • S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., France, and Germany
  • S&P Global Services PMI data for the U.S., Eurozone, U.K., France, and Germany

Tuesday 10/25:

  • Microsoft, Alphabet, Visa, Coca Cola, UPS, GM, and 3M report earnings
  • U.S. Conference Board consumer confidence for October
  • Germany IFO business climate index

Wednesday 10/26:

  • Meta Platforms, Bristol-Myers Squibb, Align Technology, Boeing, Ford, ServiceNow, O’Reilly Automotive, and KLA Corp report earnings
  • U.S. mortgage applications and new home sales data
  • U.S. wholesale inventories
  • Bank of Canada monetary policy decision

Thursday 10/27:

  • Apple, Amazon, Caterpillar, Mastercard, Comcast, and American Tower Corp report earnings
  • European Central Bank (ECB) monetary policy decision is expected to show a 0.75% rate hike
  • U.S. Q3 2022 GDP, which is expected to show 2.3% annualized growth quarter-over-quarter
  • U.S. durable goods orders
  • U.S. initial jobless claims and continuing claims data
  • South Korea Q3 2022 GDP

Friday 10/28:

  • AbbVie, Chevron, NextEra Energy, and Church & Dwight report earnings
  • Bank of Japan (BOJ) monetary policy decision
  • Q3 2022 GDP data for France, Germany, Spain, Taiwan, and Canada
  • Eurozone economic confidence and consumer confidence data
  • U.S. personal income and spending data
  • U.S. Personal Consumption Expenditure (PCE) inflation for September
  • Headline PCE is expected to have risen 0.3% month-over-month and 6.3% year-over-year
  • Core PCE, which excludes volatile food and energy prices, is expected to have risen 0.5% month-over-month and 5.2% year-over-year
  • U.S. University of Michigan consumer sentiment index
  • Norway’s sovereign wealth fund presents its third-quarter results via a live-streamed news conference

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.