Macro Briefing: 3 November 2022

* North Korea fires ICMB but it failed in mid-flight, says South Korean military.
* Fed hikes target rate by 75 basis point and signals more to come
* Wells Fargo mortgage staff prepares for layoffs as lending activity slides
* China economic activity continues to slide in October in “broad-based slowdown”
* Global manufacturing output falls again in October
* Services sector is bright spot for US labor market in October
* US companies accelerate hiring in October to three-month high:

Federal Reserve Chairman Jerome Powell advised that “it is very premature to think about pausing” rate hikes. After the central bank announced another 3/4-point increase, he said “the inflation picture has become more and more challenging over the course of this year, without question.” As a result, “That means we have to have policy be more restrictive, and that narrows the path to a soft [economic] landing,” he explained.