Action Economics Survey results:
Action Economics Survey results: the September employment report was not very exciting, but was sufficiently strong to keep a Fed rate hike in play. However, it is difficult to imagine the data will be the driver for a rate hike as soon as November 1, 2. Indeed, only one survey participant projects a Fed move next month, though all forecasters expect a 25 bp rate increase at the December 13, 14 policy meeting. The data slate is light ahead. Key reports include September retail sales, with the Median estimate showing a 0.6% rise overall, and 0.4% gain excluding autos. Headline CPI is expected to climb 0.3%, with the core rate posting a 0.2% gain. Industrial production for September should bounce 0.2%. Such results would further support a Fed tightening to end the year.