November 1, 2017
The FOMC downplayed hurricanes and upgraded the economy from moderate to solid, paving the way for a rate hike at the next meeting in December. A terror attack late yesterday in New York City that left eight dead made for a somber mood in the markets.
The day's economic data includes a major bounce back, but not a spectacular one, in ADP's payroll estimate for Friday's employment report. ISM manufacturing remains unusually strong while construction spending, pulled down by private non-residential building, proved flat. A positive is surprising strength in October vehicle sales that slowed only modestly from September's hurricane-boosted spike. Markets were mostly little changed though the Dow posted a 0.3 percent gain to 23,435.