The jobs report that wasn’t, and Fed minutes due

The US government shutdown meant that the usual monthly Jobs Report did not arrive, but markets took it in stride, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. “Government shutdowns are usually considered non-events for financial markets, primarily because they tend not to change the underlying macro backdrop,” Deepak says. “We would caution investors not to make dramatic moves within their long-term portfolios based on what's happening day-to-day in D.C.”

Minutes from the Federal Reserve’s most recent meeting are due, and “the focus is really going to be what was the debate like”, Deepak says. “As I look today, there's almost a 100% chance of another 25-basis-point rate cut in the October 29th meeting, and then another 25-basis-point rate cut in the December meeting.”

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