Market Updates.
Overall, the U.S. economy continues to be resilient.
- Recent market fluctuation may be linked to the September jobs report, which was unexpectedly positive. Payrolls and hourly earnings increased, and the unemployment rate is slightly lower than expected. Job growth continues in the leisure and hospitality industries.
- Although the Federal Reserve didn’t raise interest rates in September, we still anticipate additional rate increases before year end.
- Consumers are selling out of long-term treasury bonds for liquidity, which makes sense with the 10-year treasury yield climbing to 4.88%. This is close to the level it was prior to the 2008 financial crisis.
- Economists continue to push out the timeline for when a recession could occur. That, combined with the fact that the only thing that’s been consistent with the market is that it’s unpredictable, means we can’t forecast for certain how the market will perform tomorrow.
- At Triangle Financial, we focus on a long-game perspective. Instead of making decisions based on what we think may happen tomorrow, we plan according to what we know right now. That way, you can rest assured that we are always keeping our eye on your future financial security.
Sources
- Payrolls soared by 336,000 in September, defying expectations for a hiring slowdown
- The Bureau of Labor Statistics: The Employment Situation — September 2023
- Why borrowing costs for nearly everything are surging, and what it means for you
- Fed declines to hike, but points to rates staying higher for longer
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