Market 11/10: Congress Has Enough Votes to Reopen Government

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Key highlights:

• FED officials' statements

• US Congress has enough votes to reopen government

• Banking crisis risk temporarily disappears

• China temporarily lifts metal export ban, port fees

• ETORO: Q3 earnings beat expectations

• Market: SPX above 6800 with government reopening expectations

FED officials' statements

Miran - FED Governor: “Inflation is falling”

• Data is outdated, inflation is falling

• Labor market is weakening

• Supports 50 bps cut in December

• Core PCE moving closer to 2% target

Musalem - FED St.Louis: “Inflation is near 3%”

• Inflation closer to 3% than 2% target

• Labor market is cooling

• FED has enough information to make policy decisions

• Monetary policy near neutral level

• Financial conditions are favorable

Daly - FED San Francisco: “Inflation falling but still high”

• Price increases due to tariffs do not affect inflation

• Inflation falling but still high

• No inflation seen in labor costs

• Restrictive policy at moderate level

• May be experiencing negative demand shock in labor market