US equities were mixed in fairly choppy Tuesday trading, but closed off their worst levels when the SandP hit lowest intraday level since November of 2020. Treasuries were mostly weaker with a big bear steepening move following an earlier, broad-based bounce attempt. September consumer confidence came in ahead of expectations for the second straight month. August new-home sales came in well ahead of consensus. Two leaks in the Nord Stream 1 pipeline were reported today by Sweden's maritime administration. It was also another busy day of Fedspeak.

US equities were lower in Monday trading, ending a bit off worst levels. Treasuries under pressure across the curve, ending near worst levels as global bond yield backup continued. Not much specific behind today's weakness as pain trade for risk assets are still largely to the downside as the market narrative continues to revolve around a tightening of financial conditions driven by a more hawkish than expected Fed-led global rate hike cycle. BoE's Bailey said the bank would not hesitate to hike to return inflation to the 2% target but made no hint of a near-term rate hike. Fed presidents Bostic and Collins both said there is a path to a soft landing, highlighting positive momentum, solid balance sheets, and a resilient labor market. Depositions of Elon Musk and Twitter CEO Agrawal were postponed.

US equities were lower across the board this week, with the major averages posting a fifth decline in the past six weeks. The SandP 500 was down by more than 4% for the third week over the same period, while the Nasdaq was off by more than 5% for a second-straight week. Higher rates and tightening financial conditions drove a further deterioration in sentiment this week. FT noted that US real yields hit the highest levels since 2011, which some strategists expect to further weigh on equity multiples. The dollar remains a growing headwind, with the dollar index hitting the highest level since Jun-2002 this week.

US equities finished lower in fairly quiet Thursday trading, with a bit of a rally in the last hour of the session largely evaporating. Treasuries were notably weaker, particularly in the belly of the curve. Hawkish takeaways from the Fed dot plot and Powell’s press conference continue to dominate the headlines. Japan intervened to support the yen for first time since 1998 after it weakened past 145 yen per dollar for first time since 1998. Several central banks announced rate hikes, bringing this week's total to more than 600 basis points.

US equities finished lower, near their worst levels, with the market very volatile after today's FOMC meeting, and the Dow Jones, SandP500, and Nasdaq closing down 170 basis points, 171 basis points, and 179 basis points respectively. Treasuries were mixed with the curve flattening. The Federal Reserve raised rates by 75 basis points today, as widely expected. The FOMC statement was little changed from July. Dot plot takeaways leaned hawkish with the median rate at 4.4% to end 2022 and a 4.6% terminal rate in 2023. Geopolitical tensions were a big area of focus in the overnight as Putin announced a partial mobilization ahead of referenda in four occupied regions of Ukraine while also reiterating the threat to utilize nuclear weapons. Further signs of the housing market cooling, but generally better inflation headlines.

US equities were lower in Tuesday trading, though finished off worst levels, with the Dow, SandP, and Nasdaq all falling around 1%. The SandP has now given up ~10% since the index crested 4300 in mid-August. Stocks were on the defensive today, with some focus on another big backup in bond yields and negative earnings preannouncements. The market awaits the FOMC meeting tomorrow. Sweden's Riksbank raised rates by 100bp, ahead of expectations for a 75bp move. August US housing starts were stronger than consensus, but building permits were light. Ford was the big story today, guiding Q3 EBIT nearly 50% below the Street.

US equities finished higher in Monday trading, rallying in the last hour of trading after spending much of the day near the unchanged mark. It was a fairly quiet session, with investor attention firmly fixed on Wednesday's FOMC meeting (which may bring a 75bp hike and a new set of economic projections). There are also some growing worries that consensus earnings estimates need to come down to reflect growth, inflation, margin and FX headwinds. Today's data included a September builder confidence miss. Elsewhere, Bloomberg noted more Americans are stuck with long-term credit card debt.

US equity indices were notably lower this week, with the SandP logging its fourth weekly decline in the last five weeks. The SandP is now down ~10% from its recent 12-Aug peak. A hotter-than-expected August CPI report on Tuesday sparked a big selloff and raised fears of a more-aggressive Fed and a longer wait before any dovish pivot, while also somewhat undercutting economic "soft landing" hopes.

US equities were lower in Thursday afternoon trading, though finished a bit off worst levels as the SandP closed just above the key 3900 level. Treasuries were weaker with more curve flattening (key spreads most inverted since 2000). There were no big directional drivers behind the negative tone, though the path of least resistance seems to the downside in the wake of Tuesday's hotter CPI report, which has led to higher terminal rate expectations. The threatened US rail strike was averted after the White House and unions reached a tentative deal this morning. Headline retail sales surprised to the upside, but core control group was flat and missed expectations. Adobe finished down upon news of the $20B acquisition of Figma and underwhelming Q4 guidance.

US equities were mostly higher in fairly choppy Wednesday trading, with the Dow Jones, SandP500, and Nasdaq rising 10 basis points, 34 basis points, and 74 basis points respectively. Treasuries were mixed with the curve flattening after a big bearish flattening move in prior session; The 2Y yield reached its highest level since October of 2007. The Market struggled for direction after yesterday's big selloff. The Hotter than expected August CPI print continued to dominate the narrative. US headline PPI declined for a second straight month, though the core reading was a bit firmer following the hot CPI reading on Tuesday. Lots of discussion in press about growth, supply chain, and inflation risks from the potential rail strike in the US. In terms of company news, a Busy day of antitrust headlines.