Final October University of Michigan read improved but remained at a five-month low. Buying conditions for durables hit a record low and inflation expectations rose to the highest since May with the report warning against them becoming ‘entrenched.’
Job creation picked up during the month, leaving the Fed to focus on inflation.
Microsoft walks on Nscale, food inflation poised to accelerate and other headlines moving the market this morning.
Fuel prices rebounded and nonfuel import prices hit their highest annual rate since April 2022, with semiconductor prices posting an eighth straight record year-over-year gain.
The hyperscalers pay for AI out of their own cash. The companies that borrow to build it are starting to trade like rate-sensitive stocks.
After Wednesday’s hot CPI print, PPI comes in even hotter, more than double estimates in a broad advance led by a record jump in energy prices.
Retail sales rose 0.8% versus a 0.3% estimate, but gas stations were over 70% of that gain while the GDP-linked control group missed and Census’s annual revision cut sales levels by about 4.5%.
September Retail Sales surprise to the upside, takeaways from Anthropic’s meeting, and other headlines moving the market this morning.
TSMC beat and still fell, a giant AI offering is coming, and the market wants to know what AI growth costs.
The October edition provides hawks a lot more to work with than August did.
