U.S. labor market data from September surprised to the upside, with strong job growth and a sharper-than-expected drop in unemployment, suggesting the economy may be more resilient than anticipated.
Market participants digested an abundance of economic data this week. The Personal Consumption Expenditures Price Index (PCE) was released this morning, providing the Federal Reserve with more evidence of a broad cooling in inflationary trends.
The highlight of economic releases this week was the announcement of the first interest rate reduction by the Federal Reserve since the onset of the Covid-19 pandemic in March of 2020.
