Happy Halloween! The two-day Fed meeting kicks off today, with the monetary policy statement being released tomorrow. Does that come as a surprise to you? That’s because nobody’s talking about it. Though there is always a possibility of a surprise attack tomorrow, all ears are awaiting for the promised rate hike at December’s meeting.
A little bit of mixed news in inflation numbers today. Consumer Prices in Europe are at a 1.4% gain, a little lower than they have been, and a little less than expected. Domestically, the Employment Cost Index (a favorite of 5-term Fed Chair Alan Greenspan) rose 0.7% during the 3rd quarter, for a 2.5% year-over-year advance. Speaking of the Fed, still: President Trump will announce the next Fed Chair on Thursday. It’s expected to be someone other than Janet Yellen
Lastly, the Case-Shiller Home Price Index shows an annual gain of 6.1%, up from 5.9% last month. The Case-Shiller Index tracks 20 major cities across all nine U.S. Census divisions and tends to be a little late to report, making it one of the more accurate measures of home price fluctuation.