ADP Jobs, GDP, Chicago PMI
It’s one day before the start of the fourth quarter and global stock markets are rallying. US equity futures are looking to erase yesterday’s losses, and with appetite for stocks back in favor the US dollar is weaker this morning, though Treasury yields are lower across the curve.
The main events today are the ADP private jobs survey, a regional business index from the midwest, and a speech from Dennis Lockhart (president of the Atlanta Fed).
In the headlines this morning, the IMF said losses from the financial crisis will be $600 billion less than previous estimates at a total of $3.4 trillion. It applauded various government and central bank policies in reducing systemic risks, but warned that the job is only half done as exit strategies have yet to be implemented.
As for US policy, Charles Plosser, president of the Philadelphia Fed, said yesterday that policy must be aggressive when the time is right. “The real challenge is not can we unwind, but when,” he said, adding: “I don't think the time is now.”
Key Releases Today:
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