Top-of-mind economic news as we start the week:
— U.S. stock prices rose and oil prices moderated, as investors weighted potential outcomes of an Israeli ground war against Hamas in Gaza.
— U.S. inflation in Sept. (CPI) re-accelerated by 0.4% from August to an annualized level of 3.7%, nearly twice as much as Fed’s 2% target.
— U.S. consumer sentiment dropped dramatically in Sept. (from 68 to 63 on key survey), with expectations for future inflation rising to 3.8%.
— The International Monetary Fund expects global economic growth of 2.9% this year and 3% in 2024, revising its forecasts downward due to geopolitics.
— The Biden administration awarded $7 billion to fund private-public research across16 states, focused on producing clean fuel from hydrogen.
