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Market Minutes Recap - Market Update (Perspectives on the Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy market)
Manage episode 438544261 series 2815319
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In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy market.
Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities
01:45 – The Institute for Supply Management Purchasing Managers Index (PMI) data was released highlighting the manufacturing industry being in a contractionary environment, while the services industry has been in an expansionary environment for the past 48 months
02:26 – The Federal Reserve’s Beige Book came out Wednesday, in advance of the upcoming FOMC meeting, specifying economic activity grew slightly in 3 of the 12 districts, while 9 of the 12 reported flat or declining activity
03:32 – The Employment Situation summarized data for two key elements: the unemployment rate for August came in at 4.2%, down 0.1% from July. In addition, total non-farm payroll employment increased by 142,000 from the previous month, yet it was still below expectations and included downward revisions for the prior two months of 86,000
04:32 – Comments on the Employment Situation report and its mixed results as payrolls and unemployment data differed from expectations
07:04 – Based on the Employment Situation data, it seems without a doubt a 25-50 basis point rate cut will happen at this month’s Fed meeting
11:06 – Remarks on the energy market and its role in the equities market
16:52 - Final comments highlighting the recent Key Wealth National Call and where you can obtain the replay
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