Global Tremors, Jobs Numbers to Dominate Markets and the Economy as Fourth Quarter Begins – By Tim Smart (US News) / Oct 3, 2022
There’s little relief in sight for the frayed nerves of investors and economists as the fourth quarter begins.
The first working week of the fourth quarter brings a mound of trepidation for the markets and global economy.
The third quarter ended on a sour note, with the U.S. market off nearly 25% for the year, as measured by the S&P 500. Globally, new British Prime Minister Liz Truss was forced into an embarrassing U-turn on her Reaganomics policy of tax cuts for the rich, while oil producing nations are considering a production cut to boost prices following the recent sharp sell-off on fears of a global economic slowdown.
In the U.S., questions are being asked about the Federal Reserve’s hawkish policy of raising interest rates to inflict “pain” on consumers and businesses alike as bond yields surge, stocks crater and the housing sector heads into a tailspin. A measure of inflation the Fed follows closely rose in August from July even as the Fed hiked interest rates by 75 basis points in three consecutive moves.
Then there is the devastating loss of life and property from Hurricane Ian, with the death toll at 87 already and estimates of damage topping $100 billion. President Joe Biden will visit Florida on Wednesday, but the storm also hit the Carolinas this weekend where four of the 87 died. He will also visit Puerto Rico on Monday.
