Market Commentary — November 7, 2022

Markets initially rallied on Wednesday after the Fed statement indicated it might slow down its pace of rate increases, only to reverse after some hawkish comments in the press conference. As expected, the committee raised rates by 75 bps. The statement referenced taking cumulative policy tightening into account and being aware of the lagged effects of monetary policy, which markets took as a dovish signal and even a pivot. But then J. Powell did his press conference, stating that it is “very premature” to consider pausing rate hikes, sending the S&P 500 Index down 2.50% for the day.

On Friday, stocks wavered after the October employment report painted a mixed picture. The Labor Department report showed that employers added 261,000 jobs to nonfarm payrolls, which was above consensus estimates, and revised its September jobs figure higher. However, the unemployment rate rose to 3.7% from 3.5% in September as the labor force participation rate moved lower.

Treasury yields moved higher during the week, with the 2-year bond moving above 4.75%, to a 15-year high. The market is now pricing in an over 66% chance of just a half percentage point rate increase at the Fed’s December 14 meeting, according to the CME FedWatch Tool. That would leave the fed-funds rate in a range of 4.25% to 4.5%.

In ETF news, Calamos filed for a Calamos Antetokounmpo Global Sustainable Equities ETF named after NBA player Giannis Antetokounmpo, a Nigerian-born, Greek basketball player who plays for the Milwaukee Bucks. John P. Calamos Sr., Calamos Investments’ founder, chairman, and global CIO is the son of Greek immigrants.

After launching just before the industry’s May meltdown, Australia’s Cosmos Asset Management is shuttering its Bitcoin and Ethereum ETFs.

Mid-term elections are this week. Get out and exercise your right to vote!

Jane Edmondson
CEO and Co-Founder

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