- Credit card interest rates reached their highest level in 37 years. The average credit card APR hit 19.04%, beating the previous record from 1991.
- Last week the Nasdaq gained 7.49% as investors celebrated a slight slowdown in inflation. This may not mean the end of the bear market, however, since data shows that of the 20 largest Nasdaq daily gains since 1990, 16 of them happened during the dot-com crisis and Great Financial Recession, none of which marked the end of those bear markets.
- Despite some analysts' pessimism about the near-term outlook the stock market has typically performed well in the year following mid-term elections. In fact, the S&P500 has had a positive gain in the year following midterm elections 82.6% of the time since 1928.
- IPOs have performed poorly over the past few years, with only 23% of companies that have gone public since 2018 trading above their original offering price.
Yahoo Finance- "Credit Card APRs Hit Highest Level in 37 Years"
Barrons- "Don't Be Fooled by the Stock Rally. It's Still a Bear Market"
Money Magazine- "Presidential Cycle Graphic"
Barrons- "IPOs Are in the Dumps. These 4 Could Buck the Trend."
Economic Calendar
Monday:
NY Fed 1-year inflation expectations (Oct), NY Fed 5-year inflation expectations (Oct), Fed Vice Chair Lael Brainard talks about the economic outlook, New York Fed President John Williams speaks
Tuesday:
Producer price index final demand (Oct), Empire state manufacturing index (Nov), Fed Gov. Lisa Cook speaks about underrepresented groups, Philadelphia Fed President Patrick Harker speaks on the economic outlook, Fed Vice Chair Michael Barr testifies on regulation at Senate Banking Committee, Real household debt (SAAR) (Q3), Real mortgage debt (SAAR) (Q3)
Wednesday:
Retail sales (Oct), Retail sales excluding vehicles (Oct), Import price index (Oct), Industrial production (Oct), Capacity utilization rate (Oct), New York Fed President John Williams speaks at Treasury market conference, Business inventories (revision) (Sep), NAHB home builders' index (Nov), Fed Vice Chair Michael Barr testifies on regulation at House Financial Services Committee, Fed Gov. Christopher Waller speaks on the economic outlook
Thursday:
Atlanta Fed President Raphael Bostic speaks, St. Louis Fed President James Bullard speaks, Initial jobless claims (Nov), Continuing jobless claims (Nov), Building permits (SAAR) (Oct), Housing starts (SAAR) (Oct), Philadelphia Fed manufacturing index (Nov), Fed Gov. Michelle Bowman speaks about financial literacy, Fed Gov. Phillip Jefferson speaks about inclusive growth
Friday:
Existing home sales (SAAR) (Oct), Leading economic indicators (Oct)
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