Headlines discussed at LNWM’s Monday morning briefing:
— U.S. consumer spending beats forecasts, 1.4% vs 1.0% expected, in September while inflation also remained muted which could allow the Federal Reserve to keep interest rates near zero for longer.
— The Federal Reserve lowered the minimum loan level for small business lending program to $100k from $250k in an effort to broaden the use of the lending facility.
— Overall durable goods orders jumped 1.9% in September vs expectations of 0.5%; driven by primary metals, computer, and electronic products.
— U.S. new home sales failed to beat forecasts, 959k vs 1025k; however, record low mortgage rates continue to underpin demand.
— ECB declines to add stimulus early as Germany and France announce new lockdowns; France and Germany on Wednesday separately announced new one-month lockdowns to fight the second wave of the COVID-19 pandemic.
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