Inflation, retail sales, and bank profits set to rise in coming week

The week ahead will bring fresh data on inflation, retail sales, and bank profits. Oil prices have climbed above $100 per barrel, pushing gasoline above $4 per gallon and diesel just below September’s record high. The Labor Department is expected to report a 0.2% month‑over‑month rise in the consumer price index and a 3.6% year‑over‑year gain. Retail sales are projected to grow 1.2% as consumers spend more before the holiday season.

Housing activity will also be in focus, with the National Association of Realtors releasing September existing home sales on Tuesday. Economists anticipate sales to hold steady from August, while mortgage rates have risen for the seventh consecutive week. The average long‑term U.S. home loan rate is now higher than it has been in nearly three years, and the sector has been in a slump since 2022.

Bank earnings will top the week, with JPMorgan Chase expected to report a 47% profit boost, Citigroup a 61% jump, and Bank of America a 36% gain. Other institutions, including Morgan Stanley, will also report results. The Federal Reserve’s recent rate hike and its outlook for another increase by year‑end add to the financial backdrop.

Read the full story at michigansthumb.com.