Greetings,

The United States: Household consumption remains resilient despite the headwinds, with spending rising again in September.

Robust spending means more hikes from the Fed and rates remaining higher for longer. Economists now see the terminal rate at 5%.

The Eurozone: A large portion of the euro’s decline has been driven by the US dollar’s strength.

Commodities: Wheat surged after Russia pulled out of the Ukrainian grain export deal.

Energy: Saudi oil revenue surged this year.

Equities: The Reddit crowd doesn’t exhibit significant participation in the recent equity bounce.

Volatility markets are focused on the payrolls and the CPI reports. Here is the S&P 500 implied vol term structure.

Rates: It’s been a really bad year for Treasuries.

Food for Thought: Here’s a look at Krispy Kreme’s revival.

Edited by Alexander Bowers

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