Gold: From euphoria to consolidation – The next leg looks like a 2026 story

Fed's Goolsbee: I believe the place rates will settle is a fair bit below current levels - Yahoo. Fed's Goolsbee: I'm not decided for what happens at the next Fed meeting, the threshold for cutting rates is higher than at the last two Fed meetings. FED'S GOOLSBEE SAYS INFLATION DATA STILL IS WORRISOME Fed's Goolsbee: Rates should come down with inflation. Fed's Goolsbee: I am uneasy with frontloading rate cuts.

Economic activity in the manufacturing sector contracted in October for the eighth consecutive month, following a two-month expansion preceded by 26 straight months of contraction, say the nation's supply executives in the latest ISM® Manufacturing PMI® Report. The report was issued today by Susan Spence, MBA, Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee. "The Manufacturing PMI® registered 48.7 percent in October, a 0.4-percentage point decrease compared to the reading of 49.1 percent recorded in September. The overall economy continued in expansion for the 66th month after one month of contraction in April 2020. (A Manufacturing PMI® above 42.3 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index contracted for the second month in October following one month of growth; the figure of 49.4 percent is 0.5 percentage point higher than the 48.9 percent recorded in September. The October reading of the Production Index (48.2 percent) is 2.8 percentage points lower than September's figure of 51 percent. The Prices Index remained in expansion (or 'increasing' territory), registering 58 percent, down 3.9 percentage points compared to the reading of 61.9 percent reported in September. The Backlog of Orders Index registered 47.9 percent, up 1.7 percentage points compared to the 46.2 percent recorded in September. The Employment Index registered 46 percent, up 0.7 percentage point from September's figure of *US OCT. ISM MANUFACTURING INDEX FALLS TO 48.7; EST. 49.5 *US OCT. ISM MANUFACTURING NEW ORDERS RISES TO 49.4 VS 48.9 *US OCT. ISM MANUFACTURING EMPLOYMENT RISES TO 46 VS 45.3 *US OCT. ISM MFG PRICE INDEX FALLS TO NINE-MONTH LOW OF 58 ISM: US manufacturing activity worsens in October Manufacturing activity in the United States followed a downward trajectory in October compared to the month prior, the Institute for Supply Management (ISM) announced in its report on Monday. The Manufacturing PMI stood at 48.7% in the reported month, falling 0.4% compared to September's figure of 49.1%. Meanwhile, the Employment Index increased 0.7% to 46%, while the Production Index retreated 2.8% to land at 48.2%. The New Orders Index was 0.5% higher compared to the previous month, settling at 49.4%, though it remained below the 50% threshold, indicating contraction. The Prices Index was 58%, decreasing 3.9% on a monthly basis. "In October, U.S. manufacturing activity contracted at a faster rate, with contractions in production and inventories leading to the 0.4-percentage point decrease of the Manufacturing PMI®. A chain reaction of one-month index improvements started with New Orders in August and flowed to Production in September," ISM Chair Susan Spence commented.

The performance of the US manufacturing economy improved again in October, with both output and new orders rising at stronger rates. However, growth was domestic led as new ...

FED'S DALY: RATE CUT WAS APPROPRIATE FED'S DALY: SUPPORTED RATE CUT RATE CUT WAS APPROPRIATE STILL HAVE INFLATION ABOVE TARGET, NEED TO GET IT DOWN LABOR MARKET HAS SOFTENED QUITE A BIT NEED TO KEEP POLICY MODESTLY RESTRICTIVE OPEN MIND ON DECEMBER 50 BPS OF CUTS THIS YEAR MAKES FED BETTER-POSITIONED… DALY: WE HAVE LESS INFORMATION THAN USED TO, BUT CAN STILL MAKE A DECISION AS NEEDED LABOR MARKET DOESN'T LOOK LIKE IT'S ON A PRECIPICE WILL BALANCE RISKS, AND INFLATION IS STILL PRINTING AROUND 3% *DALY: OFFICIALS SHOULD 'KEEP AN OPEN MIND' FOR DECEMBER FOMC *DALY: NEED TO KEEP PRESSURE ON INFLATION WITHOUT HURTING JOBS FED'S DALY SAYS IT IS NOT A MORE DIVIDED FED THAN BEFORE, I WOULDN'T EVEN USE THE WORD "DIVIDED"