October 13, 2023 Headlines

General concerns of a broader conflict in the Middle East are fueling a risk-off trade this morning, sending oil prices up more than 4% and Treasury yields 4-9 basis points lower. In China, CPI was unchanged in September and flirting with deflationary territory, and the Chinese financial sector authorities have proposed a new stock market stabilization fund to boost investor confidence according to a Financial Times article. The country’s demographics continue to shift as well, with new reports showing the number of births falling a record 10% in 2022 to 9.56 million, the lowest since records began in 1949 according to Reuters. In the U.S., Fed Chair Powell has scheduled a new speech before the Economic Club of New York on October 19, just before the blackout period begins ahead of the November 1 FOMC meeting.

Jason Haley
Chief Investment Officer

10/13/23Import Price Index MoM0.50%0.10%0.50%0.60%
10/13/23Import Price Index ex Petroleum MoM-0.10%-0.30%0.00%-0.10%
10/13/23Import Price Index YoY-1.40%-1.70%-3.00%-2.90%
10/13/23Export Price Index MoM0.50%0.70%1.30%1.10%
10/13/23Export Price Index YoY-4.00%-4.10%-5.50%-5.70%
10/13/23U. of Mich. Sentiment6768.1
10/13/23U. of Mich. Current Conditions70.371.4
10/13/23U. of Mich. Expectations65.766
10/13/23U. of Mich. 1 Yr Inflation3.20%3.20%
10/13/23U. of Mich. 5-10 Yr Inflation2.80%2.80%


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