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Administrative Update
The October edition of The Daily Shot Pulse, our brief monthly survey of economic and market outlooks, is now open. We look forward to your participation and will publish the results next week.
United States
The Conference Board consumer confidence index rebounded, with recoveries in both expectations and current conditions.
United Kingdom
The UK collects a smaller share of tax revenue locally than any other G7 country.
Euro Area
In aggregate, euro area bank lending growth to companies and households held steady year over year, …
… but more recent credit flows point to weakening momentum.
Asia-Pacific
The Reserve Bank of New Zealand unexpectedly held its Official Cash Rate at 2.75% in a 4–3 vote, defying consensus for a 25-basis-point hike as policymakers sought more time to assess the impact of prior tightening. Guidance was decidedly hawkish, however, with the central bank signaling that further rate increases are likely and could exceed previous projections.
Emerging Markets
Financial conditions tightened dramatically in Brazil.
Equities
Futures-implied dividend growth for 2027 has fallen.
Credit
Credit spreads in the tech sector now exceed those of other sectors, as the tech industry shifts from being a cash generator to a cash incinerator.
Food for Thought
The share of US high school seniors who report not driving at all during an average week has doubled since 2000, from 15% to 30%.
