US Stock and Bond markets were closed yesterday in observance of a national day of mourning for the late President George H. W. Bush. International markets were open though and continued the slide that started here in the US on Tuesday.
The Federal Reserve released their "Beige Book" report, which is a snapshot of the US economy. The report said that the economy appeared to be growing modestly to moderately. Labor markets tightened across a broad range of industries, and wage growth "tended to the higher side of a modest to moderate pace." Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country. The Fed is widely expected to raise interest rates at the close of its Dec. 18-19 policy meeting. Policymakers have said the United States' strong economy could stoke higher inflation if they do not raise borrowing costs further.
The payroll company ADP released their employment report for the month of November this morning. The report showed that the US economy added 179,000 jobs last month, which was lower than economists had predicted.