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Author Hafizan Hamzah

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Yields are close to unchanged following a quiet overnight session due to the market being closed in Japan for a holiday.

Gold continues to be a story as the precious metal keeps rallying and is on pace for its best month since 2020. Gold has rallied through a new high to over $3,780 an ounce on the back of news that China is trying to become a custodian of foreign gold reserves.

There’s a slew of Fed speakers today, headlined by Chair Powell. Investors are hoping for more clarity around the path of rate cuts after Powell made last week’s cut out to be a “risk management” move and that the central bank needed to balance risks of a weakening job market against higher inflation.

Hafizan Hamzah
Senior Director, Investment Management Group

DateEventSurv(M)ActualPrior
9/23/2025Philadelphia Fed Non-Manufacturing Activity     —-12.3-17.5
9/23/2025Current Account Balance-$256.6b-$251.3b-$450.2b
9/23/2025S&P Global US Manufacturing PMI52.2     —53
9/23/2025S&P Global US Services PMI54     —54.5
9/23/2025S&P Global US Composite PMI54     —54.6
9/23/2025Richmond Fed Manufact. Index-5     —-7
9/23/2025Richmond Fed Business Conditions     —     —6
9/24/2025MBA Mortgage Applications     —     —29.70%
9/24/2025New Home Sales650k     —652k
9/24/2025New Home Sales MoM-0.30%     —-0.60%
9/24/2025Building Permits     —     —1312k
9/24/2025Building Permits MoM     —     —-3.70%
9/25/2025BEA Releases Annual Update of National Economic Accounts   
9/25/2025Advance Goods Trade Balance-$95.5b     —-$103.6b
9/25/2025Advance Goods Exports MoM SA     —     —-0.10%
9/25/2025Advance Goods Imports MoM SA     —     —7.10%
9/25/2025Wholesale Inventories MoM0.10%     —0.10%
9/25/2025Retail Inventories MoM0.20%     —0.20%
9/25/2025GDP Annualized QoQ3.30%     —3.30%
9/25/2025Personal Consumption1.70%     —1.60%
9/25/2025GDP Price Index2.00%     —2.00%
9/25/2025Core PCE Price Index QoQ2.50%     —2.50%
9/25/2025Durable Goods Orders-0.30%     —-2.80%
9/25/2025Durables Ex Transportation0.00%     —1.00%
9/25/2025Cap Goods Orders Nondef Ex Air-0.10%     —1.10%
9/25/2025Cap Goods Ship Nondef Ex Air0.30%     —0.70%
9/25/2025Initial Jobless Claims233k     —231k
9/25/2025Initial Claims 4-Wk Moving Avg     —     —240.00k
9/25/2025Continuing Claims1935k     —1920k
9/25/2025Existing Home Sales3.96m     —4.01m
9/25/2025Existing Home Sales MoM-1.40%     —2.00%
9/25/2025Kansas City Fed Manf. Activity2     —1
9/26/2025Personal Income0.30%     —0.40%
9/26/2025Personal Spending0.50%     —0.50%
9/26/2025Real Personal Spending0.20%     —0.30%
9/26/2025PCE Price Index MoM0.30%     —0.20%
9/26/2025PCE Price Index YoY2.70%     —2.60%
9/26/2025Core PCE Price Index MoM0.20%     —0.30%
9/26/2025Core PCE Price Index YoY2.90%     —2.90%
9/26/2025U. of Mich. Sentiment55.4     —55.4
9/26/2025U. of Mich. Current Conditions     —     —61.2
9/26/2025U. of Mich. Expectations     —     —51.8
9/26/2025U. of Mich. 1 Yr Inflation4.80%     —4.80%
9/26/2025U. of Mich. 5-10 Yr Inflation3.90%     —3.90%
9/26/2025Kansas City Fed Services Activity     —     —4
9/26/2025Bloomberg Sept. United States Economic Survey   

Hafizan Hamzah

Senior Director, Investment Management Group

LinkedIn

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