Markets were mixed in yesterday's session as the U.S. government shutdown clouded data releases. Technology equitiesdrove the U.S.' Nasdaq to record highs, while the S&P 500 was barely changed and euro area stocks were mixed. Sovereignyields nudged down and the USD inched higher. Brent oil prices continued to fall ahead of the weekend's OPEC+ meeting.
A few Fed officials struck a cautious tone. Chicago Fed Austan Goolsbee sees the underlying economy "growing prettysolidly", while Dallas Fed Lorie Logan argued that there is "relatively little room to make additional rate cuts" as she infe rsfrom "persistent inflation, resilient demand and modest labor market slack" that policy is "only modestly restrictive".
On the data front, the euro area unemployment rate nudged up to 6.3% in August (+0.1pp). With today's release of the U.S.September labor market report likely to be suspended due to the government's shutdown, the Chicago Fed's real timeforecast suggests that the unemployment rate was 4.3% in September (the same as in August).
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