Industrial Production
Recent data on U.S. industrial production indicates a return to growth, growing 0.3% in September, as opposed to August, during which time industrial production declined by almost 1%. U.S. corporate earnings are, by and large, at or better than expected levels, helping to fuel the markets as well as expectations for hiring and cap-ex spending.



GDP
The equity markets continue to advance on the prospect of stronger economic activity, moderate inflation, the potential of tax cuts, and stronger consumer sentiment. The second quarter GDP estimate was revised up to 3.1%, besting the first quarter by more than 1%. The Federal Reserve is data-driven in its plan to normalize shortterm interest rates and reduce the size of its balance sheet over the next five years.


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