Macro Briefing: 6 October 2022

* North Korea continues to launch missiles as US redeploys carrier
* OPEC+ approves hefty cut in oil production to support prices
* Global economic activity decreased for second month in September
* Global trade expected to slow sharply, WTO predicts
* US hiring at companies picked up in September via ADP data
* Developing nations relying on China loans could face challenges as growth slows
* US Services PMI shows decline in business activity for third month in Sep., but…
* ISM Services Index eased in September but continues to reflect solid growth:

Slowing the pace of tightening for monetary policy is “really challenging” when core inflation is rising, says Federal Reserve Bank of San Francisco President Mary Daly. “The American people — they need confidence that we’re resolute,” she said. If core inflation is rising and the job market isn’t cooling “that’s not very comforting to the American people, and I think then that the downshifting on the tightening would be a much harder decision to make.”