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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK’s public sector net borrowing deficit widens less than expected in October
In the UK, public sector net borrowing deficit widened less than expected to £13.97 billion in October, compared to a deficit of £13.53 billion in the prior month.
US existing home sales dropped in October
In the US, existing home sales declined 4.1% on a MoM basis in October, compared to a revised fall of 2.2% in the previous month.
US Chicago Fed National Activity Index dropped in October
In the US, the US Chicago Fed National Activity Index declined to -0.49 in October, compared to a level of 0.02 in the prior month.
FOMC minutes shifts into cautious policy mode, no indication of rate cut
The Federal Open Market Committee (FOMC), in its meeting minutes, inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target. Further, officials expressed no indications for cutting interest rates anytime soon and said policy will need to stay “restrictive”.
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