Powell commited to 2% inflation rate.

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. During his address to the Economic Club of New York, Federal Reserve Chairman Jerome Powell acknowledged the recent slowing of inflation but emphasized the central bank's unwavering commitment to its 2% inflation target. Without hinting at any immediate policy shifts or interest rate hikes, Powell's remarks led futures market traders to dismiss potential rate increases for November and scale back expectations for December. Although the Fed has raised interest rates 11 times since March 2022, accumulating a 5.25 percentage point increase and taking the benchmark rate to a nearly 22-year high, Powell asserted that these rates are not overly high. The Federal Reserve has been using these rate hikes as a tool to mitigate inflation and address supply-demand imbalances in the job market.

2. Credit Suisse is gearing up for another wave of layoffs, targeting about 10% of its auxiliary staff in areas such as compliance, risk, and marketing, as reported by Financial News and confirmed by New York Times sources. These job cuts are set to begin on Nov. 6. This decision comes after UBS Group AG's acquisition of its long-standing Swiss rival earlier this year, a move facilitated by the government. With the merged workforce swelling to approximately 120,000, UBS intends to reduce this number by a substantial 30% eventually. Previous layoffs predominantly impacted managerial roles and positions in revenue-generating areas like banking and trading.

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4. Headlines

   1. Inflation in Argentina has hit 130%.

   2. Oil prices continue to rise due to conflicts in Ukraine and Gaza.

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