Federal Reserve officials have been talking up the odds of another hike in interest rates and the Fed funds futures market is pricing in a near certainty of no less for the December monetary policy meeting. But the case for tighter policy may not be as strong as it appears, based on the latest data for M0’s real (inflation-adjusted) year-over-year change.
Continue reading →

Xi Jinping sees “new era” of influence and power for China: Guardian
Will China’s party congress move markets? Bloomberg
US industrial production rebounds more than expected in Sep: RTT
US homebuilder sentiment rises to 5-month high in October: Bloomberg
Import prices in US rise in Sep at strongest pace in over a year: Dow Jones
Economists: excess debt/high asset prices threaten global economy: VoxEU