Other Notable Data Releases and Expectations for Monetary Policy

Apart from the employment report, other macro data releases included the Jolt's job openings, which showed a decrease in openings, and the ISM services PMI, indicating moderate growth in the economy. Consumer credit data revealed a slower rate of increase in credit card balances. Looking ahead, the focus shifts to the Fed meeting and expectations for monetary policy in early 2024. While no changes are expected at the upcoming meeting, the revised economic projections, including the dot plot, may hint at some rate cuts. However, the market's aggressive pricing of rate cuts contrasts with the Fed's likely more cautious approach. Investors should also pay attention to upcoming economic indicators, such as the CPI for November, retail sales, and industrial production, which will provide insights into inflation and economic activity.