"With third-quarter earnings winding down, investors will be laser-focused on incoming economic data for clues about what the Federal Reserve has in store regarding a potential December rate cut. Chairman Powell said flat out last week that a December cut was "far from guaranteed," and traders ratcheted down their expectations from 90% to 67% for a cut. While the slowing jobs outlook should support another rate cut next month, concerns over a resurgence of inflation are at the forefront of the Fed."
"Yields were modestly lower across the board, and are flat to start the new trading week. The 10-year Treasury yield closed at4.08% on Friday, pausing its recent rally after the Federal Reserve's rate cut and hawkish comments. Yields had risen earlier in the week as Fed officials, including Kansas City Fed President Schmid and Dallas Fed President Logan, expressed concerns about future inflation, which they stated made a December rate cut uncertain, echoing the comments of Chairman Powell."
Futures opened mixed as the NASDAQ led gains after a Friday rally fueled by strong earnings and President Trump's meeting with Xi Jinping. With third-quarter earnings winding down, attention centers on incoming economic data for signals about a potential December Federal Reserve rate cut. Chairman Powell said a December cut is "far from guaranteed," and traders cut their odds from 90% to 67%. Treasury yields were modestly lower with the 10-year at 4.08%. Crude prices rose slightly (WTI $60.98, Brent $64.77) amid volatility, gasoline hit a one-month high, natural gas reached a six-month peak, and gold slipped on profit-taking and a stronger dollar.
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