Initial Jobless Claims’ Streak Hits First Since 1969
An average of initial claims fell to its lowest since September 2022 and one for continuing claims fell to its lowest since April 2023.
Credit Card Balances Post Biggest Drop Since 2024, But Student and Auto Loans Hit Record Highs
Revolving balances (credit cards) dropped the most since November 2024 in August, while nonrevolving credit (student loan + autos) climbed to another record high.
The Fed Isn’t in a Hurry to Hike, but It Isn’t Done Either
Fed Governor Waller signals more rate hikes, oil jumps and junk bonds flash a warning.
Stocks Slip From Records But Pare Losses After Strong 10-Year Auction
Long-end yields again hit multi-decade highs before a historically strong 10-year auction pulled them back, letting large-caps pare losses.
New All-Time Highs for Indices Were a Bull Trap
Breadth collapses, new lows swamp new highs and the Russell 2000 sits on its 200-day average.
Fed Minutes Confirm Hawkish Shift
The September minutes reflected a material hawkish shift from the July meeting with all backing the increase and ‘most’ expecting another hike before the end of the year
Rising Rates, Record Diesel Prices Make a Toxic Brew
There are two major risks that investors seem more than happy to underweigh.
Consumer Inflation Expectations Jump to 3-Year High
One-year inflation expectations came in at the highest since May 2023 in the NY Fed’s consumer survey, but spending growth the highest since May 2023.
How Much Longer Can the AI Leaders Last as a Defensive Trade?
Interest rates aren’t hurting AI, and that has made the group a safe haven despite inflation concerns.
Continued Broadening Lifts S&P 500 to First Record Since August
The S&P notched its first record close since August on a continued broadening as Treasury yields remained subdued. The Nasdaq added a second straight record, but small-caps gave up an early gain.