U.S. Review

Another GDP Head Fake - Real GDP expanded by an annualized 2.6% during Q3. The Employment Cost Index moderated to 1.2% in Q3. Personal income improved 0.4%, while personal spending increased 0.6%. Pending and new home sales cratered 10.2% and 10.9%, respectively, in September. Consumer confidence fell to 102.5 in October.

Global Review

Spooky Times Ahead - Survey data from the Eurozone painted a more pessimistic growth outlook, while the European Central Bank still opted to go for another 75 bps rate hike to quell inflation. Elsewhere, the Bank of Canada slowed down the pace of its rate hikes to 50 bps and signaled that the end of its tightening cycle is near. Last but not least, U.K. PMI survey data indicated that sentiment—and the overall growth outlook—is deteriorating.

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