Headlines discussed at LNWM’s Monday morning briefing:

— The Federal Reserve lowered its target interest rate for the 3rd time in 2019 (to between 1.5% and 1.75%); hinted no more cuts for a while.
— The Fed is paying big banks 1.8% interest on their cash reserves limiting banks’ incentive to lend that money out short-term in the repo market.
— China said it reached a consensus in principle with the US on “phase one” of a trade deal, which includes a pause in tariff escalation.
— The US economy added 128,000 new jobs in October, indicating current economic expansion likely to enter its 12th year.
—  US manufacturing expectations rebounded in October (to 47.8 on the Index) after many months of decline, but are still indicating contraction.

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