- At 12:30 GMT, the US Producer Price Index numbers for September are released:
- The monthly headline PPI is expected to increase by 0.1.% from 0.2% in the previous month, with core PPI facing a similar move down to 0.2% from 0.3% previous.
- The yearly headline PPI inflation is expected to tick down to 1.6%, coming from 1.7% in August. The core PPI will be an outlier and is expected to rise 2.7%, coming from 2.4%.
- At 14:00 GMT, the University of Michigan preliminary reading for October will be released:
- Consumer Sentiment is expected to head higher to 70.8, coming from 70.1.
- 5-year consumer inflation expectations were at 3.1% in September, with no forecast available.
- The readings could be distorted due to the hurricanes in the South of the US.
- There are a few Fed speakers to look out for on Friday:
- At 13:45 GMT, Austan D. Goolsbee, head of the Federal Reserve Bank of Chicago, gives opening remarks at the Community Bankers Symposium.
- At 17:10 GMT, Federal Reserve Governor Michelle Bowman (2024 FOMC voting member) delivers a virtual speech about community banking at the Federal Reserve Bank of Chicago Community Bankers Symposium.
- Equities are overall dispersed this Friday, with main European indices on the downside, while US futures are flat to lower.
- The CME Fedwatch Tool shows an 84.0% chance of a 25 bps interest rate cut at the next Fed meeting on November 7, while 16.0% is pricing in no rate cut. Chances for a 50 bps rate cut have been fully priced out now.
- The US 10-year benchmark rate trades at 4.09, afloat above 4%.
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