1. U.S. Services Sector Accelerates on Employment Boost — the Institute for Supply Management’s services-activity index edged up to 56.0 in October from 54.9 in September, beating expectations of 53.7 expected in a poll of economists compiled by The Wall Street Journal. That marked the fourth-straight month of expansion, registered when the gauge is above the 50 no-change mark. The survey showed services employment expanding last month, after it contracted in September, though demand—as measured by new orders—slowed, despite still being in exclusionary territory, ISM said.
2. Trump Wins US Presidential Election in Extraordinary Comeback — Donald Trump was elected the 47th president of the United States, pulling off a stunning political comeback in one of the most polarized contests for the White House in US history. Trump, 78, won an unprecedented race during which he was convicted of felonies, survived two assassination attempts and crushed a challenge from Vice President Kamala Harris after she replaced an unpopular President Joe Biden in the campaign’s final months. He was elected by a country deeply at odds over immigration, abortion and foreign policy, and one still feeling the pinch after the biggest surge of inflation in four decades. Trump also helped Republicans recapture the Senate, underscoring his ability to seize on voter angst.
3. Fed Cuts Rates; Powell Says Wouldn’t Resign If Asked By Trump — Fed officials unanimously lowered the federal funds rate to a range of 4.5% to 4.75%. The second-straight rate cut followed a larger, half-point reduction in September, extending efforts to keep the US economic expansion on solid footing. Powell said the US presidential election will have “no effects” on the central bank’s policy decisions in the near-term, noting it’s too early to know the timing or substance of any potential fiscal policy changes. Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point.

The week ahead — Economic data from Econoday.com:

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