• Market Minutes Recap - Market Update (Perspectives on the Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy market)

  • Sep 6 2024
  • Length: 21 mins
  • Podcast

Market Minutes Recap - Market Update (Perspectives on the Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy market)

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  • Summary

  • In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy market.

    Speakers:
    Brian Pietrangelo, Managing Director of Investment Strategy
    George Mateyo, Chief Investment Officer
    Rajeev Sharma, Head of Fixed Income
    Stephen Hoedt, Head of Equities


    01:45 – The Institute for Supply Management Purchasing Managers Index (PMI) data was released highlighting the manufacturing industry being in a contractionary environment, while the services industry has been in an expansionary environment for the past 48 months

    02:26 – The Federal Reserve’s Beige Book came out Wednesday, in advance of the upcoming FOMC meeting, specifying economic activity grew slightly in 3 of the 12 districts, while 9 of the 12 reported flat or declining activity

    03:32 – The Employment Situation summarized data for two key elements: the unemployment rate for August came in at 4.2%, down 0.1% from July. In addition, total non-farm payroll employment increased by 142,000 from the previous month, yet it was still below expectations and included downward revisions for the prior two months of 86,000

    04:32 – Comments on the Employment Situation report and its mixed results as payrolls and unemployment data differed from expectations

    07:04 – Based on the Employment Situation data, it seems without a doubt a 25-50 basis point rate cut will happen at this month’s Fed meeting

    11:06 – Remarks on the energy market and its role in the equities market

    16:52 - Final comments highlighting the recent Key Wealth National Call and where you can obtain the replay

    Additional Resources

    Key Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | Key Private Bank

    Key Questions | Key Private Bank
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