2023 Will Focus on Economic Growth & Corporate Earnings
Last Wednesday, in a press conference, the president of the FED Jerome Powell hinted that the Federal Reserve may reduce the pace of the rate hike at the next meeting on December 13 and 14, where a rise is expected of 50 bps. The latest increases by the FED have been 75 bps.
Beating virtually all estimates, the jobs report for the month of November saw an increase of 263,000 jobs. In addition, wages grew at their fastest rate so far this year. The average wage per hour increased 0.6%, the most since the beginning of this year. This report complicates forecasts of a less aggressive rise at the next FED meeting.
The Conference Board report on consumer confidence showed a drop to 4-month lows, 100.02 points against 102.02 in October.