Fed minutes showed officials favored a gradual pace of interest rate cuts
Events to watch today include Federal Open Market Committee minutes since the last interest rate meeting, retail earnings as well as the US home price index and consumer confidence:
Fed Minutes: Investors will have a chance to get a better idea of the US central bank’s thinking when earlier this month it cut interest rates for the second straight meeting. The Federal Open Market Committee chose to cut interest rates by a standard quarter-point on November 6, after starting the monetary policy easing cycle in September with a larger-than-usual half-point cut. .
Retail income: Hints about the outlook for consumer spending during the upcoming holiday season will be of interest to investors and economy watchers when several retail groups report quarterly results this morning. now. Electronics retailer Best Buy, Dick’s Sporting Goods, apparel suppliers Burlington Stores and Abercrombie & Fitch, as well as food manufacturer JM Smucker are among those providing their latest updates.
Economic data: Home prices in the 20 largest U.S. cities are expected to rise 5.1% in September from a year earlier, according to the S&P Case-Shiller home price index, down slightly from a 5.2% gain. of last month. Additionally, the Conference Board’s reading of consumer confidence for November will be released mid-morning.
